Bitwise Asset Management has taken the first step toward launching an Aptos (APT) exchange-traded fund (ETF), filing for a Delaware trust linked to the proposed product. 

This move positions Bitwise as the first asset manager to pursue an ETF dedicated to Aptos.

Bitwise Lays the Groundwork for an Aptos ETF

The filing with Delaware’s Division of Corporations, dated February 25, is a preliminary step in registering the trust for the proposed Aptos ETF. This move does not guarantee immediate approval or the fund’s launch.

Next, Bitwise will need to submit a formal application to the US Securities and Exchange Commission (SEC). This will include a detailed prospectus outlining the ETF’s structure, investment strategy, and how it plans to track Aptos. 

The SEC will then review the application, which could take several months. It can either approve, reject, or request modifications to the proposal. 

If approved, the Aptos ETF would allow institutional and retail investors to gain exposure to APT tokens without purchasing or managing the cryptocurrency directly, potentially boosting liquidity and mainstream adoption.

It is worth noting that Bitwise’s registration of an Aptos ETF in Delaware follows the launch of several Aptos exchange-traded products (ETPs) in Europe, including the Bitwise Aptos Staking ETP and the 21Shares Aptos Staking ETP.

For context, Aptos is a Layer 1 blockchain designed for scalability, security, and reliability. It was developed by former Meta (Facebook) engineers who previously worked on the now-defunct Diem project. Aptos uses the Move programming language, originally created for Diem, to enhance security and efficiency in smart contracts.

The prospect of a US ETF tied to APT highlights a broader trend among asset managers to diversify beyond Bitcoin (BTC) and Ethereum (ETH) ETFs, which have dominated the space since their approvals last year. 

Bitwise’s move follows its earlier registrations for ETFs linked to XRP (XRP), Solana (SOL), and Dogecoin (DOGE). This signals a strategic push to capitalize on the growing appetite for altcoin-based investment vehicles.

Meanwhile, the filing has sparked a double-digit surge in APT. The altcoin jumped 12.4% in the past 24 hours. 

The cryptocurrency, currently ranked 36th by market capitalization, was trading at $6.31 at press time. Its trading volume also saw a significant boost, rising 14.15% to $336.42 million.

Ethereum price started a fresh decline from the $2,450 resistance zone. ETH is now consolidating losses and might face hurdles near $2,400 and $2,450.

• Ethereum is facing an increase in selling below the $2,450 zone.
• The price is trading below $2,500 and the 100-hourly Simple Moving Average.
• There is a connecting bearish trend line forming with resistance at $2,390 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start a decent upward move if it settles above $2,400 and $2,500.

Ethereum Price Extends Losses

Ethereum price failed to clear the $2,550 resistance zone and started a fresh decline, like Bitcoin. ETH gained pace below the $2,500 and $2,450 support levels to move further in a bearish zone.

The price declined over 5% and even traded below the $2,320 support zone. A low was formed at $2,251 and the price is now consolidating losses. There was a minor recovery wave above the 23.6% Fib retracement level of the downward move from the $2,519 swing high to the $2,251 low.

Ethereum price is now trading below $2,450 and the 100-hourly Simple Moving Average. There is also a connecting bearish trend line forming with resistance at $2,390 on the hourly chart of ETH/USD.

On the upside, the price seems to be facing hurdles near the $2,380 level or the 50% Fib retracement level of the downward move from the $2,519 swing high to the $2,251 low. The first major resistance is near the $2,420 level.  The main resistance is now forming near $2,450.

A clear move above the $2,450 resistance might send the price toward the $2,500 resistance. An upside break above the $2,500 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,550 resistance zone or even $2,620 in the near term.

Another Drop In ETH?

If Ethereum fails to clear the $2,500 resistance, it could start another decline. Initial support on the downside is near the $2,315 level. The first major support sits near the $2,250 zone.

A clear move below the $2,250 support might push the price toward the $2,200 support. Any more losses might send the price toward the $2,120 support level in the near term. The next key support sits at $2,050.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 zone.

Major Support Level – $2,250

Major Resistance Level – $2,500

Pump.fun’s X (formerly Twitter) account suffered a hack this morning, promoting a fake governance token. One wallet was able to gain over $135,000 in one minute by manipulating its price jump.

The platform denied that it would launch its own token, but enthusiasts still jumped at the chance to be scammed. In this environment, it’s very important to remain cautious and levelheaded.

Pump.fun, the popular meme coin launchpad, has persistently denied rumors that it would launch its own token. Still, its users and supporters are eager to believe that such a launch would take place, to the extent that many fell for a scam.

This morning, a hack targeted Pump.fun’s X account, claiming that a new investment opportunity was available:

“Introducing PUMP, the official Pump.fun governance token, where democracy has never been this degen. We will also be rewarding our OG degens,” the fake post read. It also included a link with purchasing information.

The company’s account was still active while the fake social media content was live, and some responses to fans from this window were still live at the time of this writing.

This has led some community members to speculate that the token is legit, but there’s clear evidence against it.

Bubblemaps noted that the fake PUMP tokens are heavily bundled, with two clusters holding over 60% of the supply. Yet, some traders have capitalized on the hack.

One user spent $5,532 in SOL to buy the fake token and offloaded the entire supply at a higher price one minute later. This netted the user over $135,000 in profits.

This Pump.fun social media hack is hardly an isolated incident. It’s becoming a common tactic for scammers. Myanmar’s current head of state was hacked last week, as were former leaders from Brazil and Malaysia.

Today’s incident is part of a broader trend. Hackers are seemingly targeting high-profile social media accounts to quickly shill and rug pull fake tokens.

At the time of reporting, the account still looks to be compromised. Hackers have seemingly deleted the original post and are now promoting a ‘hackeddotfun’ token.

Meme coin traders should remain very cautious. Recent reports suggest that most Pump.fun users already lose money in general trading.

So, hacks like these make the environment even more treacherous. If a project seems too good to be true, it very well might be.