APT ETF News

• APT has surged by 13.75% over the past 24 hours.
• Bitwise files with SEC for Aptos ETF, becoming the first to file for APT ETF in the U.S.

Over the past months, Exchange-traded funds (ETF) have increasingly become popular as institutions attempt to benefit from the current pro-crypto government in the U.S.

In the latest development, Bitwise has become the first asset manager to file for Aptos (APT) ETF.

According to the filing, Bitwise has submitted an S-1 registration with the SEC for an Aptos ETF, aiming to list, hold, and trade Aptos. The ETF will use the CF Aptos-Dollar settlement for pricing, offering shares backed by the cryptocurrency. These shares will be redeemable in 10,000-unit blocks through authorized financial entities, facilitating investor transactions via intermediaries.

Bitwise will manage the ETF and charge an annual management fee for its services.

However, the ETF approval may take months, as this filing represents the initial step in a lengthy regulatory process.

Impact on APT

As expected, the announcement of a possible ETF positively impacted Aptos’ price, driving it from $5.04 to $6.5 before a pullback. At press time, Aptos was trading at $6.2, reflecting a 13.75% daily increase and a 1.77% weekly gain. The trading volume spiked by 39.07% to $408.1 million, while Open Interest (OI) surged by 18.6% to $165.1 million. This price increase highlights growing demand for Aptos, with investors actively entering the market following the news.

Can this boost APT to sustain recent gains?

According to AMBCrypto’s analysis, Aptos has seen a significant surge in demand with investors turning optimistic after a long period of indifference. This newly-found bullishness is evidenced by the fact that Aptos’ Funding Rate Aggregated by Exchange has turned positive after being negative over the past two days. This shift suggests that investors expect prices to rise, thus long position holders are willing to pay a premium to short for their positions.

Long positions dominate the futures market, accounting for 72.85%, while short positions hold 27.15%, indicating bullish investor sentiment. The ETF filing has positively influenced market sentiment, with many investors becoming optimistic and using this opportunity to accumulate APT. This rising demand positions APT for further gains, potentially reclaiming $7.0 if the current sentiment remains strong. However, if out-of-money sellers take profits, APT could face a pullback to around $5.8.