Bitwise Withdraws Application for Bitcoin and Ethereum ETF
Bitwise has decided to withdraw its application for a Bitcoin and Ethereum market cap weight strategy exchange-traded fund (ETF). The company cited concerns about achieving its investment objectives as the reason for the withdrawal. This comes after Bitwise previously withdrew its application for a Bitcoin Futures ETF to focus on the spot ETF. The Securities and Exchange Commission (SEC) has been delaying the review of several spot Bitcoin ETFs from various funds, including BlackRock, VanEck, and WisdomTree. Bitwise had recently resubmitted its application for a Bitcoin spot ETF, but the SEC extended the review deadline. As a result, the price of Bitcoin has dropped by around 4.39% in the past 24 hours.
Main Points:
– Bitwise withdraws its application for a Bitcoin and Ethereum ETF due to concerns about achieving investment objectives.
– The SEC has been delaying the review of several spot Bitcoin ETFs from various funds.
– Bitwise had previously withdrawn its application for a Bitcoin Futures ETF to focus on the spot ETF.
– The price of Bitcoin has dropped by around 4.39% in the past 24 hours due to the SEC’s pause.
– The crypto community is frustrated with the SEC’s delays and believes Bitcoin can grow without relying on ETFs.
Closing Thoughts
Bitwise’s decision to withdraw its ETF application highlights the challenges faced by cryptocurrency companies in gaining regulatory approval. The SEC’s delays and scrutiny have created frustration within the crypto community, as they believe Bitcoin’s growth potential is not dependent on ETFs. Despite the setbacks, the industry continues to evolve, and the recent legal victory of Grayscale in its battle against regulators shows that progress is being made. While ETFs may provide more accessibility to cryptocurrencies, their success should not be seen as the sole indicator of Bitcoin’s value. The market will continue to adapt and find new avenues for growth.
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