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According to this latest update from Bloomberg, these ETFs are not “under review” but rather “awaiting rejection,” causing confusion among investors.
The race for spot Bitcoin ETFs, which began with BlackRock’s move in June, has long been the focus of the market and served as a catalyst for Bitcoin’s price surpassing $30,000.
Following BlackRock, major firms like Fidelity and VanEck entered this race, creating a competitive environment. However, unfortunately, the SEC postponed these ETFs once again last week.
According to the latest information from Bloomberg, the spot Bitcoin ETF applications that the SEC postponed are now awaiting rejection, and one of them has already been rejected!
Update on Bloomberg Terminal Raises Concerns in the Market
According to the update on the Bloomberg Terminal, news has emerged that the spot Bitcoin ETFs, which the SEC extended the review time for, indicating it has chosen to postpone them, could be rejected. This development has raised significant concerns in the market.
According to this Bloomberg update, these ETFs are not “under review” but rather “awaiting rejection,” which has left investors puzzled. There is no information available as to why Bloomberg made such an update. Additionally, as seen in the table below, the word “Rejected” at the top indicates that one spot Bitcoin ETF has been rejected.
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Source: Bloomberg
As shown in the image, Bloomberg has updated the status of these ETFs as “awaiting rejection.” The race for spot Bitcoin ETFs, which began with BlackRock’s move in June, has long been the focus of the market and served as a catalyst for Bitcoin’s price surpassing $30,000.
Following BlackRock, major firms like Fidelity and VanEck entered this race, creating a competitive environment. However, unfortunately, the SEC postponed these ETFs once again last week, and approval is not expected before 2024.
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Franklin Templeton, managing $1.5 trillion, recently joined the race for a Spot Bitcoin ETF, with the review process expected to continue until November 17th. The SEC can delay this ETF until 2024 as well. According to the rules, the SEC can postpone ETF applications for up to 240 days but must make a definitive decision.
SEC Gives Green Light to Ethereum, Red Light to Bitcoin
In addition to these developments, seven Ethereum Futures ETFs were launched in the United States today. These ETFs, initiated by four different firms, saw a total volume of $1.8 million on their first trading day.
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This figure is quite poor compared to the Bitcoin Futures ETF launched by ProShares, which saw more than $200 million in volume in the first 15 minutes when it was released.
As shown in the image below, Valkyrie’s Ethereum ETF came out on top in today’s race, followed by ProShares’ Ethereum ETF in second place. Another Ethereum ETF from ProShares ranks last. These ETFs saw a total volume of $1,896,077 today.
