Meme Coin PEPE Fails to Rally Despite Canary Capital's ETF Filing

Markets have failed to respond positively to Canary Capital's PEPE ETF filing with the US SEC, despite it being seen as a bullish sign for crypto assets.

The filing indicates increasing institutional attention towards meme coins, but has not pushed PEPE's price higher over the past few hours. In fact, the token is down 6% in the last 24 hours and trading below $0.0000035 at the time of writing on Thursday.

On-chain data suggests that retail traders are cautious, with mixed conditions in the market reflecting a bearish bias. Activity across futures markets shows sellers' dominance, while derivatives data support the current bearish outlook.