Injective just rang the opening bell at Nasdaq for the first US staked INJ ETF — and day one told a very different story than the ceremony. Canary Capital's INJC began trading on November 5. It holds spot INJ and stakes at least 90% of it, with the rewards building inside the fund instead of being paid out. The bell rang on November 6. But the debut itself was quiet: just 2,933 shares traded on day one — roughly $77,000 of volume. The fund opened at $25.15 and closed near $26.15. The roughly $15 million in assets was almost entirely seed money from the Injective Foundation itself — about 1.91 million INJ. Outside capital barely showed up on day one. The catch: the yield is not what the headline number suggests. INJ staking pays roughly 7% a year, but the fund charges a 1.10% annual fee plus about 30% of the staking rewards — leaving investors closer to 4% net. INJ itself still jumped about 9% in four hours on the launch news, and INJC closed its second day up near $26.90. The channel is open. The money just has not walked through it yet. INJ trades near $8.15, down about 2% on the day but still up about 10% on the week. BTC sits near $75,900, down about 0.2% on the day.