21Shares withdraws $11M in POL over 30 days – Polygon reclaims $0.09

21Shares has been aggressively accumulating Polygon [POL] over the past month. On the 28th of October, 21Shares withdrew 45.7 million POL worth $4.08 million from Coinbase. Cumulatively, the firm has withdrawn $11 million worth of POL over the past 30 days. For the uninitiated, 21Shares purchases are often positive signals for POL since these tokens are then staked. This tends to remove supply from exchanges, thus creating a net institutional demand for POL. Usually, the reason for the 21Shares withdrawal is tied to their Polygon ETP. When investors buy ETP shares, 21Shares buys more POL to ensure the product is fully backed. For now, however, 21Shares Polygon ETP has experienced severe underperformance, falling 19% despite reports that POL bought in the last 30 days.

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