In this article4 sections
21Shares moved 45.7 million POL, valued at $4.08 million, off Coinbase on Oct. 28, AMBCrypto reported. Combined with earlier moves, the firm has pulled $11 million worth of POL from exchanges in the past 30 days.
AMBCrypto linked the activity to the firm’s Polygon exchange-traded product: when investors buy ETP shares, 21Shares acquires POL to keep the product fully backed, and the tokens are then staked. That removes supply from exchange order books and counts as institutional demand for the asset.
Also read: Coinbase Tells Bitcoin Developers to Start Quantum Migration Now
Key facts
- 21Shares withdrew 45.7 million POL, worth $4.08 million, from Coinbase on Oct. 28.
- Total POL withdrawn by the firm over the past 30 days reached $11 million, per Arkham data cited by AMBCrypto.
- The 21Shares Polygon ETP has fallen 19% over the period and is down 94% since inception.
- POL dropped to a low of $0.087 three days before the report, then reclaimed $0.09 and hit a local high of $0.093.
- At press time POL traded near $0.092, up 2.6% on the daily chart.
Demand returns after a September rejection
POL has been stuck in a multi-month descending channel since it was rejected at $0.12 in September. The recent bounce follows several sessions of buyer dominance in spot volume: buyers led the market for four straight days, and the past 24 hours showed 30 million in buy volume with a delta of 3 million, a positive reading that indicates more buy orders were filled than sells.
Momentum indicators improved alongside the price. The Relative Strength Index posted a bullish crossover and climbed to 41, and the MACD also crossed higher. Both readings still sit in negative territory, so the picture is one of buyers gaining ground while sellers retain overall control.
Also read: Coinbase Europe Sets 30 October Deadline for USDT and 13 Tokens
The underwhelming performance of the Polygon ETP is a counterweight to the accumulation story. Despite the POL purchased over the past 30 days, the product has lost 19% in that window and 94% of its value since launch.
Why it matters
Issuer inflows into an ETP can show up on-chain as exchange outflows even while the product’s own returns stay weak, which is what has happened here. For POL holders, the key takeaway is that institutional buying has not yet translated into a durable price recovery, and the token remains inside the channel that has contained it since September. The next move depends on whether spot demand holds up as much as it depends on 21Shares’ buying.
What to watch
AMBCrypto framed two paths: if buyers maintain their current pace, POL could retake $0.097 and then target a move above $0.1; if demand fades, the token risks slipping back below $0.09. Whether the daily buy/sell delta stays positive, and whether the RSI and MACD climb out of negative territory, are the concrete signals to track. This is not financial advice; crypto markets are volatile and uncertain.
Reported by AMBCrypto.
Source: AMBCrypto