Rex, Osprey Propose ETF to Track MOVE as Ethereum Layer-2 Movement Network Launches Mainnet

The proposed ETF would track the price of MOVE, the native token of Ethereum’s Movement layer-2 scaling network.

Fund issuers Rex Shares and Osprey Funds have applied for approval of an exchange-traded fund (ETF) that would track the price of MOVE, according to filings with the Securities and Exchange Commission (SEC) on Monday.

The Rex-Osprey MOVE ETF would be the first fund focused on the MOVE token, the native token of Ethereum’s Movement layer-2 scaling network.

“Expanding the ETF model to include innovative cryptocurrencies will help institutional capital support next-generation blockchain technology,” Movement Labs co-founder Rushi Manche said in a press release.

Bitcoin Falls Below $80,000 as Inflation Fears Grow
Bitcoin prices fell below $80,000 on Monday as financial markets reacted to concerns about inflation and the risk of a U.S. recession. Comments from President Trump over the weekend added to those concerns. In an interview with Fox News, Trump did not rule out the possibility of a recession this year. He pointed out that the current economic transition period would be affected by the tariffs he has imposed on neighboring countries, especially Canada.

The ETF filing follows a slew of applications from other issuers seeking to meet the growing demand for investment products linked to digital assets. Recent filings include ETFs tracking Cardano, Solana, Litecoin, Hedera and XRP. Canary Capital has also applied for approval of an ETF based on Sui.

Movement has also recently attracted attention after launching its mainnet beta with a total value of $250 million locked. The MOVE token was first issued through an $830 million airdrop in December last year. Major exchanges such as Coinbase and Binance have listed MOVE.

The Rex-Osprey MOVE ETF will invest at least 80% of its assets in the MOVE token, but it may also invest in derivatives based on the price of MOVE. The SEC must review the filing before deciding whether to allow it to be released to the public.

Image: AI-generated images related to Bitcoin and Ethereum ETFs
Bitcoin, Ethereum ETFs Lose $4.7 Billion in the Past Month: CoinShares
Bitcoin and Ethereum funds have seen a combined $4.75 billion withdrawn from the market in the past four weeks, according to CoinShares. These funds attracted net inflows of $876 million last week, but are still facing continued outflows due to investor concerns.

MOVE recently traded around $0.50, up 4% over the past 24 hours, while Bitcoin and Ethereum both saw losses amid market volatility. Still, MOVE is well below the $1 peak it reached in January. MOVE’s current market capitalization is around $1.2 billion, according to CoinGecko.

Rex Shares and Osprey Funds previously filed for ETFs based on the performance of meme coins like Dogecoin (DOGE), Bonk (BONK), and the TRUMP token on Donald Trump’s Solana platform.

Since 11 ETFs tracking the price of Bitcoin launched last year, a total of $40 billion has flowed into these funds.