- 21Shares made an S-1 application at the US SEC for a polkadot ETF
- Crypto Community shared their mixed reactions when the news about the application broke out
It seems that the Altcoin ETF -Rage does not delay in 2025. Because the market is waiting for the decision of the SEC SolanaLitecoin, XRP and Dogecoin applications, Polkadot has now become a member of the list.
On January 31, Digital Asset Manager 21Shares served one S-1 (Registration statement) with the regulator for his proposed Polkadot ETF. This marked the first application for the Altcoin in the United States.
Source: SEC
Mixed responses to Polkadot ETF
Strangely enough, the entry received more scolding than praise from the crypto community. In fact, some users jokes stated that it was “worse than XRP ETF.”
Respond to the overwhelming negative response to the application by part of the X Crypto community, Bloomberg ETF analyst James Seyffart stated”
“This is above that with the most hatred that I have ever seen an ETF entering on this website. People really don’t like polkadot … The market will decide where value lies and if there is value in launching such a product. If nobody puts money in a polkadot ETF, it will close. ‘
On the side of the chain, Dot saw a blip in social volume and a peak in a positive sentiment after submitting. However, at the time of writing on 1 February, sentiment was soured. This can be linked to the negative response of the community or the sharp Retracement of Bitcoin during the weekend.
Source: Santiment
That said, the submission was characterized by massive lever trade and not the strong demand for the market that could stimulate a sustainable rally in the charts.
This was illustrated by the jump in OI (open interest), in addition to the corresponding flat CVD place (Gedempte Spotmarkt demand).
Source: Coinalyze
If the market demand of the week is spreading, the newest bounce of DOT risk can run. The price of Dot has chalked a channel on the 3-day price diagram since the beginning of 2024. In the same period the most important levels were $ 4 and $ 11.
However, the newest pullback seemed to have stabilized above $ 5.5, but was under the most important progressive averages. If the wider market feeling deteriorates in the coming days, Dot could sink to $ 4.
Source: Dot/USDT, TradingView
On the contrary, a recovery of $ 7.5 would be the chance of further recovery to the peak around the $ 11- $ 12 price zone.
