An Application for Spot Bitcoin ETF Withdrawn
An application for a spot bitcoin exchange-traded fund (ETF) from Global X has been withdrawn, according to a filing from an exchange. Cboe BZX Exchange filed a notice of the withdrawal on Jan. 26, according to a filing notice from the Securities and Exchange Commission (SEC) on Tuesday.
The SEC recently approved 11 spot bitcoin ETFs after years of disapprovals. This change in stance came after a D.C. court ruled that the agency had to re-review a bid for a spot bitcoin ETF from Grayscale Investments.
Unsurprising Move
Bloomberg Intelligence ETF analyst James Seyffart stated that Global X’s withdrawal was not surprising. He mentioned in a post on X, “Official withdrawal request for @GlobalXETFs’ #Bitcoin ETF. This is not surprising because we have known they were out of the race since at least early December but now it’s official.”
Spot Ethereum ETF Potential
Now, attention is shifting towards the potential for a spot Ethereum ETF. Big-name firms such as Fidelity and BlackRock have also applied for a spot Ethereum ETF in recent months.
Hot Take: The Withdrawal of Global X’s Spot Bitcoin ETF Application
An application for a spot bitcoin exchange-traded fund (ETF) from Global X has been withdrawn, according to recent filings. This move is not surprising considering that Global X was already considered out of the race since at least early December. The approval of multiple spot bitcoin ETFs by the SEC and the growing interest in spot Ethereum ETFs have now become the focus of attention in the crypto market. It remains to be seen how these developments will shape the future of cryptocurrency investments.
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