Canary Capital has submitted an S-1 registration for an ETF linked to Axelar (AXL), paving the way for institutional interest in AXL. This is the first ETF of its kind, showcasing a significant shift in the cryptocurrency market.

Following the ETF filing, AXL’s price increased by 14.3%, hitting 0.44 USD, while trading volume surged by 132%, indicating rising demand among investors.

This move coincides with an increase in crypto ETF applications in the US, reflecting expanding interest in cryptocurrency or Web3 investment solutions.