Aptos Crypto Bulls To Trigger Rally As APT ETF Chances Strengthen

Aptos crypto native coin APT just joined the rapidly expanding list of cryptocurrencies with recently filed ETF applications. This is courtesy of a new filing which may have contributed to some bullish activity hours after the filing became publicly known.

Official confirmation revealed that Bitwise just submitted an S-1 application with the U.S Securities and Exchange Commission. The submitted filing seeks the SEC’s approval for an Aptos ETF.

The Bitwise Aptos ETF filing marked a major step for the APT coin and its community. This is because it confirms that there is robust institutional interest in the cryptocurrency.

The application also means that if approved, APT could enjoy heavy institutional inflows. Such an outcome could potentially place APT on a bullish trajectory.

However, it may take a while before the U.S regulator determines whether or not to green-light the application.

APT Bulls Pleased With the Aptos Crypto ETF Application

News of the Aptos ETF appears to have rubbed investors the right way judging by the market’s reaction. APT rallied by as much as 24% on Wednesday March 5th.

APT has been trading in sideways pattern for the most part since the first week of February. This is after a bearish performance since the second week of December. It exchanged hands at $6.26 at the time of writing.

Despite the sideways price activity, Aptos crypto volatility has been on the rise in the last 2 weeks. This suggests a high probability of a breakout or break below the sideways range.

Interestingly, APT indicators have been showing signs of accumulation. For instance, the RSI has been on an uptick after bouncing back from oversold territory in the first week of February.

Meanwhile, the MACD crossed back above the signal line between 10 and 11 February, and has been pushing higher. Further confirmation of demand build-up.

Can APT Get Out of its Narrow Range?

It is clear that the bears have been losing their momentum since February judging by the fact that the downside has relatively flattened out. However, demand has also been relatively weak, although it appears to be building up.

According to Coinglass, the state of demand paints a picture of a healthy start so far this month. Spot volume ticked up from $45.07 Million on March 1st to $74.84 Million as of March 5th.

APT perpetual volume saw a sizable spike in the last 24 hours, almost doubling compared to the previous day. These findings confirm a surge in APT-related activity.

Although APT’s bullish activity on Wednesday was a reflection of investor excitement after the ETF filing, there are some things to note.

Demand was not strong enough to nudge APT out of the current range. This could foreshadow what to expect.

The rally could be a knee-jerk reaction and this means demand could be limited. Some may buy in anticipation but the real impact of an Aptos crypto ETF is expected once an approval is secured.

Meanwhile, the market remains at the mercy of FUD, mostly driven by ongoing economic concerns that have been dampening investor sentiment. APT could easily embark on more recovery when current concerns dissipate.