Key Takeaways
- • Canary Capital CEO Steve McClurg predicts institutional buying through ETFs and digital asset treasury companies will lead the next crypto market phase, potentially pushing large-cap altcoins ahead of Bitcoin.
- • McClurg identifies assets with real transaction activity and tokenization, including XRP Ledger, Hedera, Injective, Sui, and Solana, as drawing institutional interest.
- • Institutions reportedly favor assets with control features such as token freezing and identity verification, a trait that may limit decentralization while supporting adoption.
- • McClurg expects reduced political uncertainty following the U.S. midterm elections to boost crypto risk appetite.
- • Pluang data as of Nov 02, 2026 shows Solana with a market cap of Rp1.003,92 trillion at Rp1.706.300, down 1.67% over the prior day, with 56% buy order activity; Hedera and Sui show buy interest of 65% and 77%.
Summary
Canary Capital CEO Steve McClurg expects institutional capital flowing through exchange-traded funds and digital asset treasury companies to define the next phase of the crypto market, with large-cap altcoins potentially outperforming Bitcoin. According to the article, McClurg points to assets with real transaction activity and tokenization as the primary beneficiaries, naming XRP Ledger, Hedera, Injective, Sui, and Solana as examples attracting institutional attention.
McClurg also observes that institutions tend to favor networks with control features, such as token freezing and identity verification. He acknowledges that these features may limit decentralization but argues they support broader institutional adoption. He further expects that reduced political uncertainty following the U.S. midterm elections could increase investor appetite for crypto risk assets.
Market data cited from Pluang as of Nov 02, 2026 at 03:31 WIB shows Solana with a market capitalization of Rp1.003,92 trillion, trading at Rp1.706.300 after a 1.67% decline over the previous day. Pluang order data shows 56% buy order activity for Solana, a typical hold time of 72 days, and buy interest of 65% for Hedera and 77% for Sui, which the article presents as supporting the institutional-demand thesis.
Separate Hedera-related coverage linked from the same page provides additional context on HBAR's market activity. HBAR traded at $0.0722 on Oct 30, down 1.87% in 24 hours, following the completion of Hedera mainnet upgrade version 0.78.2 on Oct 28, and was reported trading below its 20-, 50-, and 200-day moving averages. Hedera has also requested clearer SEC rules for HBAR, though regulatory clarity does not grant holders claims on network income.
McClurg also observes that institutions tend to favor networks with control features, such as token freezing and identity verification. He acknowledges that these features may limit decentralization but argues they support broader institutional adoption. He further expects that reduced political uncertainty following the U.S. midterm elections could increase investor appetite for crypto risk assets.
Market data cited from Pluang as of Nov 02, 2026 at 03:31 WIB shows Solana with a market capitalization of Rp1.003,92 trillion, trading at Rp1.706.300 after a 1.67% decline over the previous day. Pluang order data shows 56% buy order activity for Solana, a typical hold time of 72 days, and buy interest of 65% for Hedera and 77% for Sui, which the article presents as supporting the institutional-demand thesis.
Separate Hedera-related coverage linked from the same page provides additional context on HBAR's market activity. HBAR traded at $0.0722 on Oct 30, down 1.87% in 24 hours, following the completion of Hedera mainnet upgrade version 0.78.2 on Oct 28, and was reported trading below its 20-, 50-, and 200-day moving averages. Hedera has also requested clearer SEC rules for HBAR, though regulatory clarity does not grant holders claims on network income.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.