21Shares Proceeds TruBit Collaborates with Morpho to Introduce DeFi Unearned Revenue in Latin America Polkadot ETF Request as DOT Remains Above $4
21Shares is creating actions in the ETF space, submitting an updated S-1 request with the SEC for a Polkadot spot exchange-traded fund. The first request was presented just one month before.
The digital currency management company presented the updated S-1 submitting for its Polkadot (DOT) spot ETF on March 6. This follows their original S-1 registration declaration for the same ETF, submitted on January 31. The March submitting is likely an updated form of the original, potentially including feedback from the SEC or providing extra details.
With this request, 21Shares joins Grayscale, who also threw their hat in the ring on February 25 with a Nasdaq submitting for a Polkadot spot ETF.
The increasing amount of requests from asset management companies seeking SEC approval for digital currency ETFs is a pattern, and 21Shares and Grayscale’s Polkadot ETF filings are part of this broader movement. 21Shares has also recently requested ETFs focused on Ripple (XRP) and Solana (SOL). Currently, 21Shares offers Bitcoin (BTC) and Ethereum (ETH) ETFs, along with a range of other exchange-traded products.
Meanwhile, DOT’s price seems to be creating a falling wedge pattern on the weekly chart. This is generally seen as a positive reversal pattern, defined by converging lower highs and lower lows, creating a narrowing range. This suggests that the pace of the decrease is slowing, with the distance between highs and lows decreasing. This indicates that sellers are losing steam, and a breakout could be coming soon. A break above the local resistance around $10 would confirm the wedge breakout. Key support lies around $4, and a break below this level would invalidate the pattern and could potentially push DOT back to the major support level at $3.60. As of press time, DOT is trading around $4.5, with over $255 million in 24-hour trading volume, according to Coinmarketcap.
The Polkadots DOT coin is set for a possible value increase, driven by two main elements. Initially, there’s increasing expectation that the American SEC could approve a Polkadot ETF, providing access to more extensive investment. Furthermore, the approaching Polkadot 2.0 update, anticipated in the initial three months of this year, is creating enthusiasm. This significant network enhancement vows to considerably enhance scalability and render Polkadot more developer-oriented. Preliminary testnet iterations are already operational on the Kusama network, enabling coders and users to engage directly with the fresh functionalities and furnish useful input prior to the official release.
