REX-Osprey Files for ETF Linked to MOVE Token Amid Mainnet Launch
Rex Shares and Osprey Funds have filed with the U.S. SEC to list an ETF linked to the performance of Movement Networks’ MOVE token, coinciding with the launch of Movement Public Mainnet Beta, an Ethereum layer-2 solution.
The proposed REX-Osprey MOVE ETF will allocate at least 80% of its assets to MOVE and related derivatives, providing direct exposure to the Ethereum layer-2 network. SEC approval is pending.
This filing indicates a shift from traditional Bitcoin and Ethereum funds, especially after Mark Uyeda's appointment as acting SEC Chair, which may influence future ETF approvals.
Mainnet Launch
- Movement Foundation launched Movement Public Mainnet Beta with $250 million in Total Value Locked (TVL).
- Co-Founder Rushi Manche noted this ETF filing could attract institutional capital to new blockchain innovations.
The MOVE token increased by 5% in the last 24 hours, currently trading around $0.53, with a market capitalization of $1.28 billion, ranking 61st among cryptocurrencies.
Price Outlook
- The MACD indicator shows a bullish crossover, suggesting potential upward momentum.
- The price approaches the upper Bollinger Band, indicating possible volatility and breakout if sustained.
- The RSI is at 52, reflecting balance; a rise above 60 could indicate strong bullish momentum.
- Analysts speculate that an ETF launch could push MOVE’s price to new highs, with estimates reaching $5.