Important developments continue to occur in the world of Bitcoin and altcoins. After the Grayscale victory, which caused a price increase of $ 2,000 for BTC, new developments emerged yesterday evening. Accordingly, the SEC postponed seven companies’ Bitcoin ETF applications. Afterwards, there was a downward wave in BTC. Now there is a new development. The latest development is about Bitwise. Let’s look at the details together.
Bitwise pullback for Bitcoin ETF: A sudden change
Giant asset management company Bitwise comes up with a surprising development today. Accordingly, Bitcoin and Ethereum are making moves to withdraw their ETF application. In this context, it makes a request to the US Securities and Exchange Commission (SEC). This unexpected move comes just days after Bitwise’s Chief Investment Officer Matt Hougan passionately defended the approval of all ETFs in a recent interview.
Bitwise’s decision to withdraw its ETF application attracts attention. Accordingly, it took the cryptocurrency community by surprise, especially in light of Grayscale’s recent victory against the SEC. The ETF application, which was first submitted on August 3, hit the agenda like a bombshell. He suggested allocating funds to Bitcoin or Ethereum futures contracts based on their relative market capitalization. Additionally, Bitwise had partnered with ProShares to launch another ETF around the same time.
Unclear reasons behind withdrawal
Bitwise’s withdrawal of its Bitcoin and Ethereum Market Capitalization Strategy ETF application raises questions. Accordingly, despite the shock waves experienced in the crypto world, the exact reasons behind this decision are still not understood.
An explanation included in the withdrawal notice is as follows. “The fund aims to provide capital gains to investors. No assurance can be given that the fund will achieve its investment objective.”
Future speculation surrounding Bitwise
The Bitcoin and altcoin community is now eagerly awaiting Bitwise’s future plans for ETFs. There is a discrepancy between statements made by Bitwise’s top executives and the company’s recent actions. Accordingly, this situation created uncertainty among investors.
As a result, when we look at Kriptokoin.com, it is remarkable that Bitwise unexpectedly withdrew its Bitcoin and Ethereum ETF application. It also leaves the cryptocurrency world stunned. Speculation is mounting on the reasons behind this move. On the other hand, only time will tell the company’s next steps in the dynamic and ever-evolving crypto market. However, after this move, question marks will continue. The coming timeframes contain many more surprises for ETFs.
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