Bitwise pushes Aptos into ETF race

Bitwise Asset Management moved ahead to officially file an S-1 registration with the US SEC for an Aptos ETF. If this product gets approved, it would be the first altcoin ETF tied to the Move chain, Bitwise claims.

After the boom of Bitcoin and Ethereum-linked ETFs, institutions are looking for diversification in altcoins. The CMC Altcoin Season Index is flashing a “63” rating, hinting that Bitcoin season is slowly giving way to altcoin season.

The global crypto market printed green indexes as the US government shutdown continues. The total digital assets market cap stood at $4.21 trillion with a trading volume of above $180 billion.

Aptos soars 30% on Bitwise ETF filing

Bitwise CEO Hunter Horsley, in an X post, confirmed the filing. He added that he couldn’t share further details due to the SEC’s regulatory “quiet period.” However, Horsley’s enthusiasm was evident when he wrote, “Fired up about the momentum in the Aptos ecosystem.”

The market reacted quite well to the Bitwise update. Aptos’ APT price token jumped nearly 30%, leading it to breach $5.3 mark in a rally that began from around $4.2 levels. Its trading volume spiked to hit $614 million, the highest in two months. Anticipation around Aptos ETF helped APT to recover from the past losses. APT is trading at an average price of $5.51 at the press time.

Chain Broker data shows that Aptos has led development growth across major blockchains. It has posted a 897% surge in developer activity, outpacing networks like Celo, Nym, and Skale. The timing of Bitwise’s filing looks strategic as Aptos aims to expand in DeFi, gaming, and more.

Aptos awaits SEC nod

Regulatory approval remains uncertain as the SEC has historically taken a conservative stance toward non-Bitcoin, non-Ethereum ETFs. This suggests that Aptos may face a longer review window. But the filing alone signals a clear shift.

Meanwhile, Bitcoin ETFs are roaring back. US spot Bitcoin funds bagged $3.24 billion in inflows last week. It is the second-largest weekly total since their debut in January 2024. That reversed the previous week’s $902 million in outflows and pushed four-week cumulative inflows near $4 billion.

BlackRock’s iShares Bitcoin Trust (IBIT) led the surge with $1.8 billion, lifting its AUM to $96.2 billion. Fidelity’s FBTC added $692 million. Together, the two giants now account for more than 60% of all US. spot Bitcoin ETF activity.

Analysts estimate that ETF demand in Q4 could soak up more than 100,000 BTC from the circulating supply. This is nearly twice the network’s new quarterly issuance. BTC miners will be dealing with pressure ahead. 

Bitcoin price jumped by more than 12% over the past 7 days. BTC briefly topped $125,500 on Sunday. Historically, such BTC-led environments have preceded capital rotation back into altcoins once Bitcoin stabilizes. The biggest altcoin, Ethereum, is leading the altcoin bull run. ETH price is up by around 14% in the last 7 days. Ethereum is trading at an average price of $4,540 at press time.

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