Aptos Token Surges 9% Amidst Crypto Downturn, Bitwise Files ETF

Aptos, a layer-1 blockchain, has seen its token price climb by more than 9% on Thursday, bucking the trend of Bitcoin and Ethereum, which have both experienced significant losses in recent days. The surge in Aptos' price comes a day after crypto asset manager Bitwise filed for an exchange-traded fund (ETF) tracking its spot price.

Aptos' token, APT, is currently the 35th largest coin by market value and has fallen by approximately 38% over the past month. However, the recent price increase has reversed this trend, with APT currently trading at around $6.16, according to crypto data provider CoinGecko.

The jump in Aptos' price highlights renewed interest in the alt-L1 category and the potential for institutional crypto assets, according to Alan Orwick, co-founder of proof-of-work Layer 1 network Quai Network. Bitwise's ETF filing is seen as a significant step towards greater institutional involvement in Aptos, which is a project founded by part of the team behind Meta's failed Diem initiative.

Bitcoin's price has tumbled nearly 18% over the past month, with investors retreating from digital assets and other risky assets due to increasing macroeconomic uncertainties. The largest cryptocurrency by market value was recently trading at roughly $84,325, down 0.3% over the past 24 hours. Ethereum, the second largest digital asset, was trading at about $2,320, up just 0.6% from Wednesday, and is off more than 26% over the past month.

Artificial intelligence-touching tokens were mixed on Thursday, with NEAR up 4% and Dfinity's Internet Computer (ICP) rising nearly 6%, but Bittensor (TAO) down by about 1%. The varied performance of AI tokens has left many wondering if the crypto AI narrative is sustainable.