21Shares Updates S-1 Application for Spot Polkadot ETF

21Shares has submitted an updated version of its S-1 application for the spot Polkadot (DOT) ETF to the U.S. Securities and Exchange Commission (SEC), dated March 6. The initial application was filed on January 31. This March filing likely addresses SEC feedback or provides additional information.

21Shares joins Grayscale, which filed to list a spot Polkadot ETF with the SEC on February 25 through Nasdaq.

The Polkadot ETF filings by 21Shares and Grayscale represent a broader trend of asset managers seeking SEC approval for crypto ETFs. 21Shares has also recently filed for ETFs targeting Ripple (XRP) and Solana (SOL). Additionally, it currently offers Bitcoin (BTC) and Ethereum (ETH) ETFs, along with various exchange-traded products.

Market Analysis

Meanwhile, DOT’s price appears to have formed a falling wedge pattern on the weekly chart, indicating a potential bullish reversal characterized by lower highs and lower lows converging into a narrowing range. This suggests that seller momentum is diminishing and a breakout could be forthcoming. If DOT surpasses the local resistance around $10, a wedge breakout would be confirmed. The critical support level stands at approximately $4; if crossed, it could lead DOT back to significant support at $3.60. Currently, DOT is trading at around $4.5 with a 24-hour volume exceeding $255 million, according to CoinMarketCap.

Additionally, the anticipated approval of the Polkadot ETF by the SEC could support DOT’s price, along with the launch of Polkadot 2.0 in Q1, which aims to enhance scalability and developer accessibility. An early testnet version is now available on the Kusama network, allowing developers and users to experience and provide feedback on the new features before the official release.

Source: crypto.news