Gairika Mitra
The New York Stock Exchange (NYSE) has withdrawn its application to list and trade the Bitwise Bitcoin ETF and the Grayscale Bitcoin Trust, as per a recent Securities and Exchange Commission (SEC) filing.
The SEC had extended its review period several times between April and July this year.
Along with the NYSE, the Chicago Board Options Exchange (CBOE) also withdrew its application, but it refiled its proposal with the SEC. The ongoing debate between security and stock exchanges and the SEC has spanned over a year, showcasing stringent oversight on Bitcoin and Ether ETFs concerning market manipulation, investor protection, and regulatory framework and clarity.
Speaking about the current circumstances, Ryan Lee, Chief Analyst at Bitget Research, exclusively told The Shib Daily that despite the New York Stock Exchange withdrawing its proposal, other exchanges like CBOE are still actively pursuing the listing applications for cryptocurrency ETF options, indicating ongoing market interest in such products.
Additionally, CBOE and CME are the main venues for trading options and futures on commodities like Bitcoin, making CBOE’s application more consistent with general trends, according to Lee.
At the same time, Bitcoin ETFs continue to see positive capital inflows, he added, even though a report from analytics firm SoSoValue states that 12 spot Bitcoin ETFs experienced net inflows of $39.42 million on Wednesday. This indicated a decrease from the $88.06 million in inflows on Tuesday.
In summary, the withdrawal of the NYSE reflects the current regulatory challenges among national securities and stock exchanges, and how the ETF space has remained resilient amid an evolving market. However, despite hurdles regarding regulations, this narrative could be an indication that digital assets are carving a strong place for themselves at this time.
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Gairika holds positions in BTC. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
