Pepe Price Unfazed by Canary Capital's ETF Filing

The cryptocurrency market has seen significant interest from institutions in recent times, with various firms filing for ETF registrations to list meme coins on traditional exchanges.

One such firm is Canary Capital, which has filed an S-1 registration with the US SEC to launch a Canary Pepe Exchange-Traded Fund (ETF). This move is expected to increase institutional interest in the frog-themed meme coin.

However, despite this bullish sign, PEPE's price remains stable at $0.000035 on Thursday, failing to respond positively to the news. The mixed sentiment with a slight bearish bias is evident in the on-chain and derivatives data.

The long-to-short ratio of PEPE on CoinGlass reads 0.81, reflecting bearish sentiment among investors. Additionally, the funding rates have flipped to negative, indicating that shorts are paying the longs and projecting a bearish outlook for the meme coin.