rewrite this title Aptos Price Climbs Even as Bitcoin and Ethereum Remain Sharply Down – Decrypt

Aptos was trading up more than 9% on Thursday a day after crypto asset manager Bitwise filed for an exchange-traded fund tracking its spot price, and even as Bitcoin and other major cryptocurrencies continued to hold onto substantial losses from the last few days.

The jump reversed course for APT, the token of the Aptos layer-1 blockchain and 35th largest coin by market value, which has fallen about 38% over the past month amid a market slump that intensified over the past week. Aptos is currently changing hands at about $6.16, according to crypto data provider CoinGecko.

“Aptos’ surge following Bitwise’s ETF filing highlights renewed interest in the alt-L1 category and future potential for institutional crypto assets,” Alan Orwick, co-founder of proof-of-work Layer 1 network Quai Network, told Decrypt.

Bitwise took an initial step toward a spot Aptos ETF on Wednesday, registering the possible fund in Delaware, but must still file an application with the Securities and Exchange Commission. The initiative reflects ongoing interest in Aptos—a project founded by part of the team behind Meta’s failed Diem intiative—and Ethereum competitor that allows users to build decentralized apps and launch tokens.

Bitcoin’s price has tumbled nearly 18% over the past month as investors—alarmed by the increasing potential for a trade war sparked by Trump administration tariffs, recent spikes in inflation and other macroeconomic uncertainties—have retreated from digital assets and other risky assets.

The largest cryptocurrency by market value was recently changing hands at roughly $84,325, down 0.3% over the past 24 hours, according to CoinGecko. Ethereum, the second largest digital asset, was trading at about $2,320, up just 0.6% from Wednesday, same time, and is off more than 26% over the past month.

Bitcoin’s Fear and Greed Index, a measure of investor sentiment, is currently showing an “extreme fear” reading reflecting the recent bear conditions. The 11 spot bitcoin funds have shed nearly $2.5 billion in assets, a reversal from the dramatic gains they’ve generated throughout their nearly 14-month history.

Meanwhile, artificial intelligence-touching tokens were mixed even after AI chip giant Nvidia on Wednesday toppled expectations for its fourth quarter earnings and set ambitious guidance for the months ahead. NEAR was up 4% over the past day and Dfinity’s Internet Computer (ICP) rose nearly 6%, but Bittensor (TAO) was down by about 1%.

“AI tokens reflect varied performance, leaving many wondering if the crypto AI narrative was smoke and mirrors,” Quai Network’s Orwick said.

Edited by James Rubin