Bitwise Asset Management is set to launch a new Aptos Staking Exchange-Traded Product (ETP) in Europe. The new product, with the APTB ticker, will go live on the Switzerland-based SIX Swiss Exchange on November 19, 2024.
Users can use the product to evaluate Aptos staking opportunities accurately and assess performance against industry standards.
About the Bitwise Aptos Staking ETP
According to a press release, APTB is the first Aptos Staking ETP to launch globally, marking a huge achievement for Bitwise. The new Bitwise product is designed for retail and institutional investors through regulated markets. APTB leverages a staking infrastructure and a best-in-class custodian, auditor, and administrator.
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The product is backed physically and will stake Aptos to generate returns of about 4.7% net fees. According to the fee structure, Bitwise will accumulate returns directly within the ETP. However, the net is subject to change per market rate for APT staking rewards and will be periodically adjusted.
Note that the Aptos Staking ETP is the second product in Bitwise’s European Total Return portfolio. In February, Bitwise Europe launched an institutional-quality Ethereum ETP (ET32). This product, fully backed by ETH, recently surpassed $50 million in assets under management.
APTB is Bitwise’s debut product since acquiring ETC Group in August, and after launching on the SIX Swiss Exchange. Bitwise has announced plans to list the ETP for future trading on other major European stock exchanges.
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APT Price In The Ongoing Bull Market Cycle
The APTB launch announcement has raised questions about its impact on APT, Aptos’ native digital asset. Market participants anticipate that the launch will help increase retail and institutional adoption of the token. As more users flock to the Layer-1 blockchain, prices could potentially increase to new highs.
As of this writing, the APT price was $12.46, slightly up by 0.67% in the last 24 hours. The trading volume also increased by 40.78% within the same time frame. While APT is bullish, the 24-hour price increase is minimal compared to other altcoins riding the ongoing bull market cycle. This is because APT slumped dramatically and is now in its recovery phase.
Nonetheless, APT experienced a 45.5% rally on the weekly price chart and a 26% increase in the last 30 days.
Aptos Ecosystem Update and Future Price Flow
The Aptos blockchain is known for its secure infrastructure, which supports various decentralized applications. In a recent update, Aptos released 11.31 million APT tokens via a token unlock on Monday, November 11, 2024. The token release has increased the current circulating supply to 520.28 million APT coins.
This development comes shortly after Aptos outpaced rival blockchains with 3.432% DEX trading volume gains. Notably, Aptos almost doubled the DEX trading volume growth that Solana, the runner-up, achieved during the same period.
Popular crypto analyst Kong Trading predicted that Aptos could see a break out above $30. The analyst’s forecast is hinged on a strong accumulation pattern in the buying and selling signals. The trend, however, suggests different correction phases on the Aptos chart.
