Nasdaq has requested approval from the SEC to list the Grayscale Polkadot Trust as an exchange-traded fund (ETF). This could be the next step in expanding Grayscale's publicly traded cryptocurrency funds.
Discussion on Polkadot ETF Listing Application
Grayscale has submitted a filing to the SEC to convert its Polkadot Trust into an ETF, which would allow broader market participation. The proposed ETF would track the performance of Polkadot (DOT) and provide investors exposure without direct token ownership. Nasdaq's request indicates increasing institutional interest in Polkadot and altcoins in general.
Polkadot Price Analysis
The current price of Polkadot stands at $4.99, reflecting a 4.38% decline in the past 24 hours. Meanwhile, Polkadot's market cap has increased by over 5% to $7.75 billion, as trading volume jumped over 25% in a day. The price needs to break above $6 to set solid bullish trends, while $11 remains a critical barrier, having resisted two attempts at price growth.
DOT Market Liquidations
The DOT total liquidations chart indicates significant liquidation activity in both long and short positions over time. A major short liquidation event occurred when DOT experienced a sharp price increase, which caught traders off guard.
The approval of a Polkadot ETF could attract institutional investors and increase market liquidity, potentially boosting long-term price momentum for DOT.
