In a surprise move, Bitwise Asset Management has withdrawn its applications for spot Bitcoin and Ethereum exchange-traded funds (ETFs). The company cited the “current market conditions” as the reason for the withdrawal.
The decision is a blow to the hopes of many investors who were hoping to gain exposure to Bitcoin and Ethereum through regulated ETFs. However, it is not entirely unexpected. The Securities and Exchange Commission (SEC) has been reluctant to approve spot Bitcoin ETFs, citing concerns about market manipulation and investor protection.
The withdrawal of Bitwise’s applications leaves the future of spot Bitcoin and Ethereum ETFs uncertain. However, it is still possible that the SEC will approve these products in the future. In the meantime, investors who are interested in gaining exposure to Bitcoin and Ethereum can do so through other investment vehicles, such as Bitcoin futures or Grayscale’s Bitcoin Trust.
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