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Bitwise has withdrawn its application to launch a Bitcoin (BTC) and Ethereum (ETH) market cap weight strategy exchange-traded fund (ETF).

According to a Securities and Exchange Commission (SEC) report, Bitwise has submitted an application to withdraw the Bitwise Bitcoin and Ether Market Cap Weight Strategy ETF. The company says the fund cannot be assured of achieving its investment objective.

Previously, in November 2021, Bitwise withdrew its Bitcoin Futures ETF application to focus more on the spot ETF. However, not much reasoning is available for its latest pullout of the Bitwise Bitcoin and Ether Market Cap Weight Strategy ETF.

The development came after the Commission delayed reviewing the listing of seven spot Bitcoin ETFs from the following funds:

On June 22, Bitwise resubmitted its applications for a Bitcoin spot ETF with the SEC. However, the SEC extended the deadline for reviewing Bitwises application until Oct. 17.

Click hereto learn more about crypto hedge funds.

Due to the pause from the SEC, the price of Bitcoin is down by around 4.39% in the past 24 hours. As of writing, it is trading at $26,001.

The community has criticized and expressed frustration due to the frequent delays from the SEC. An X (Twitter) user wrote:

They will delay it as long as possible, probably until 2024.

While another user wrote:

Why do they need so long? Its literally a yes or no. Quit clowning around.

Many Bitcoin enthusiasts believe the cryptocurrency has proven its growth potential and does not need to rely on ETFs. Bitcoin educator Kashif Raza wrote on X (Twitter):

Bitcoin doesnt need an ETF to grow.

ETF markets need Bitcoin to earn and grow.

The pause from the SEC comes despite Grayscale winning its legal battle against regulators on Aug. 29. Following the court ruling, Grayscale can now proceed with its application to convert its Grayscale Bitcoin Trust to an ETF.

Read more here about the role TradFi still has to play in finance.

Do you have anything to say about the Bitwise ETF application or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or X (Twitter).

For BeInCryptos latest Bitcoin (BTC) analysis, click here.

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.

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Bitwise Withdraws Bitcoin and Ethereum ETF Application - BeInCrypto