"Bitwise's Aptos ETF Filing Boosts APT Price by 15%"

Aptos (APT) price surged by 15% on Monday, reaching $6.3695, as asset manager Bitwise took the initial step towards introducing a spot Aptos exchange-traded fund (ETF). The company registered for the ETF in Delaware, signaling a potential filing for a spot Aptos ETF with the U.S. Securities and Exchange Commission (SEC) in the near future.

Bitwise's move comes as altcoins appear to be decoupling from Bitcoin (BTC), with some altcoins recording substantial bounce-backs within the past day. APT soared nearly 15% from daily lows of $5.5411 to $6.3695, signaling the upcoming selective altcoin season. While altcoins look to lead the market rebound amid BTC’s struggles, Bitwise’s ETF move supercharged Aptos’ recovery.

The filing is the first step before the company registers with the United States SEC. Thus, the move doesn’t guarantee imminent fund’s launch or regulator’s approval. Next, the asset manager will send a formal request to the SEC, outlining details about the ETF structure, APT tracking mode, and investment strategy. The SEC will evaluate the ETF application and issue a verdict, either requesting modifications, rejecting, or approving, in the upcoming months.

Aptos recorded substantial recoveries as Bitwise’s ETF move ignited investor interest. The alt soared nearly 9% on its daily price chart to trade at $6.13. The impressive daily trading volume increase confirms notable bullish activity within the Aptos ecosystem. Technical and on-chain indicators support the shifting sentiments to bullish. The Chaikin Money Flow has recovered from -0.18 on Feb 24 to +0.03 at press time, highlighting increased money entering the Aptos ecosystem within the past 72 hours. Significant inflows are crucial for sustained uptrends. The 4H Moving Average Convergence Divergence indicates notable bull presence. The visible bullish divergence with the signal line demonstrates buyer control. Such trends position APT for extended gains before possible bearishness.

Sentiments in the entire crypto space and SEC’s response will likely determine Aptos’ price trajectory in the upcoming weeks and months. Meanwhile, Bitwise’s application comes as altcoin exchange-traded