Injective (INJ) experienced sharp price fluctuations following Cboe’s exchange-traded fund (ETF) filing for Canary Capital’s Staked Injective fund. The token initially surged above $16 on the announcement news before retreating nearly 5% to trade around $13.88, as traders capitalized on gains.
The volatility triggered significant derivatives market disruptions, with over $982,000 in liquidations recorded within 24 hours. Long positions bore the brunt of the sell-off, accounting for $895,000 of the liquidated value. Market data concurrently showed open interest dropping 10.4% to approximately $167 million, while derivatives volume decreased 16% to $413 million.
Despite the immediate downturn, the ETF filing represents a landmark development for institutional adoption. The move positions Injective among the leading proof-of-stake blockchain assets targeted by regulated investment vehicles. Market analysts attribute the price correction primarily to profit-taking behavior following the initial ETF-driven surge.