Withdrawal of Applications for U.S. Spot Bitcoin ETFs by Nasdaq and NYSE 📉
Recently, both Nasdaq and the New York Stock Exchange (NYSE) made the decision to withdraw their applications to list and trade options based on two U.S. spot Bitcoin ETFs. The move comes after the Securities and Exchange Commission (SEC) filings were made in August regarding this matter.
Details of the Withdrawal 📉
– The NYSE had proposed a rule change to list and trade options on the Bitwise Bitcoin ETF (BITB) and the Grayscale Bitcoin Trust (GBTC).
– The proposal was initially opened for public comment in February.
– The SEC had extended the review period in April and July.
– Nasdaq followed suit with its proposal for comments in March, formal proceedings instituted by the SEC in April.
– Analyst James Seyffart predicted that both exchanges might re-file their applications in the future similar to CBOE’s action earlier this month.
Implications of the Decision 📉
– CBOE took a similar step by withdrawing its own application, opting instead for a more detailed re-filing.
– Seyffart noted the possibility of the deadline being moved back to late April 2025.
– Bitcoin ETF flows saw positive changes with net inflows recorded post Wednesday’s outflows.
– Data revealed that outflows from the Grayscale Bitcoin Trust reduced to $25 million.
– The Grayscale Bitcoin Mini Trust (BTC) observed inflows of $13.7 million following two days of neutral flows.
Hot Take 📉
Following the withdrawal of applications by Nasdaq and NYSE to list and trade options for U.S. spot Bitcoin ETFs, the crypto market is closely watching for any future developments. Stay tuned for more updates and analysis in the coming days!
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