{"id":552650,"date":"2023-09-23T20:00:43","date_gmt":"2023-09-23T20:00:43","guid":{"rendered":"https:\/\/uniquehot.com\/?p=552650"},"modified":"2023-09-23T12:46:19","modified_gmt":"2023-09-23T12:46:19","slug":"bitwise-ethereum-etfs","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/ethereum\/bitwise-ethereum-etfs\/","title":{"rendered":"Bitwise Withdraws Application, A Big Blow To Ethereum ETFs?"},"content":{"rendered":"

In a recent development, <\/span>asset manager Bitwise<\/span><\/a> has <\/span>withdrawn<\/span><\/a> its application to transform its existing Bitcoin futures ETF (Bitwise Bitcoin Strategy Optimum Roll ETF) to one that invests in both Bitcoin and Ethereum futures contracts.\u00a0<\/span><\/p>\n

This has raised speculations about the reason for this decision and what it means for the Ethereum futures ETFs projected to <\/span>launch<\/span><\/a> in October.<\/span><\/p>\n

Why Bitwise Withdrew Its Application<\/h2>\n

Reporting this development on his X (formerly Twitter) platform, Bloomberg Analyst James Seyffart <\/span>stated<\/span><\/a> that the asset manager has chosen to maintain only its Bitcoin exposure following this move.\u00a0<\/span><\/p>\n

Related Reading: Major Milestones Shows XRP Ledger Is Becoming A DeFi Force To Be Reckoned With<\/a><\/div>\n

Many were more concerned about the reason for this decision. To clarify, Seyffart stated that the Asset manager may have made this decision simply because it doesn\u2019t see the \u201cbenefit in having a dual BTC and ETH ETF,\u201d especially considering that their Ethereum futures ETF is expected to launch only a few days after the first one launches.\u00a0<\/span><\/p>\n

Seyffart also believes the firm\u2019s Optimum Roll ETF investors may have preferred only exposure to Bitcoin rather than Bitcoin and Ethereum, which prompted the decision.\u00a0<\/span><\/p>\n

This development comes after Bitwise had <\/span>withdrawn<\/span><\/a> its application for its <\/span>Bitwise Bitcoin and Ether Market<\/span><\/a> Cap Weight Strategy ETF, which it filed with the SEC on August 3. The asset manager had made its decision known in a filing to the SEC dated August 31.\u00a0<\/span><\/p>\n

Meanwhile, the filing with the SEC to withdraw its Bitwise Bitcoin and Ether Equal Weight Strategy ETF <\/span>application<\/span><\/a> is dated September 22.<\/span><\/p>\n

\"Ethereum<\/p>\n

ETH price struggling to reclaim $1,600 | Source: ETHUSD on Tradingview.com<\/a><\/pre>\n

What Now For Bitwise And Ethereum Futures ETF<\/h2>\n

It is worth mentioning that Bitwise isn\u2019t backing out of the Ethereum futures ETF race despite these recent developments. The asset manager still has its <\/span>Bitwise Ethereum Strategy ETF<\/span><\/a> application with the SEC, with the fund seeking to invest in Ethereum futures contracts.\u00a0<\/span><\/p>\n

The withdrawals have also not affected Seyffart\u2019s <\/span>optimism about the launch<\/span><\/a> of several Ethereum futures ETFs in October as he believes there isn\u2019t much meaning to read into the asset manager\u2019s actions than it being \u201csome sort of product decision.\u201d<\/span><\/p>\n

Related Reading: Investment Firm Founder Has An Important Message For Bitcoin Holders<\/a><\/div>\n

He noted that the only time there may be reason for concern is if Valkyrie were to withdraw its application. Like Bitwise, Valkyrie had also <\/span>applied<\/span><\/a> to the SEC to transform its Bitcoin futures ETF (Valkyrie Bitcoin Strategy ETF) into a fund that invests in both Bitcoin and Ethereum futures contracts.\u00a0<\/span><\/p>\n

Barring any denial by the SEC, asset managers like Volatility Shares, VanEck, ProShares, Roundhill, and even Bitwise are expected to<\/span> launch their Ethereum futures ETF<\/span><\/a> in October.\u00a0<\/span><\/p>\n

Based on their respective filing dates, Volatility Shares is set to gain a first-mover advantage, launching on October 12, while others are expected to launch after.\u00a0<\/span><\/p>\n

Featured image from Moneycontrol, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

In a recent development, asset manager Bitwise has withdrawn its application to transform its existing Bitcoin futures ETF (Bitwise Bitcoin Strategy Optimum Roll ETF) to one that invests in both Bitcoin and Ethereum futures contracts.\u00a0 This has raised speculations about the reason for this decision and what it means for the Ethereum futures ETFs projected to launch in October. Why Bitwise Withdrew Its Application Reporting this development on his X (formerly Twitter) platform, Bloomberg Analyst James Seyffart stated that the asset manager has chosen to maintain only its Bitcoin exposure following this move.\u00a0 Related Reading: Major Milestones Shows XRP Ledger Is Becoming A DeFi Force To Be Reckoned With Many were more concerned about the reason for this decision. To clarify, Seyffart stated that the Asset manager may have made this decision simply because it doesn\u2019t see the \u201cbenefit in having a dual BTC and ETH ETF,\u201d especially considering that their Ethereum futures ETF is expected to launch only a few days after the first one launches.\u00a0 Seyffart also believes the firm\u2019s Optimum Roll ETF investors may have preferred only exposure to Bitcoin rather than Bitcoin and Ethereum, which prompted the decision.\u00a0 This development comes after Bitwise had withdrawn its application for its Bitwise Bitcoin and Ether Market Cap Weight Strategy ETF, which it filed with the SEC on August 3. The asset manager had made its decision known in a filing to the SEC dated August 31.\u00a0 Meanwhile, the filing with the SEC to withdraw its Bitwise Bitcoin and Ether Equal Weight Strategy ETF application is dated September 22. ETH price struggling to reclaim $1,600 | Source: ETHUSD on Tradingview.com What Now For Bitwise And Ethereum Futures ETF It is worth mentioning that Bitwise isn\u2019t backing out of the Ethereum futures ETF race despite these recent developments. The asset manager still has its Bitwise Ethereum Strategy ETF application with the SEC, with the fund seeking to invest in Ethereum futures contracts.\u00a0 The withdrawals have also not affected Seyffart\u2019s optimism about the launch of several Ethereum futures ETFs in October as he believes there isn\u2019t much meaning to read into the asset manager\u2019s actions than it being \u201csome sort of product decision.\u201d Related Reading: Investment Firm Founder Has An Important Message For Bitcoin Holders He noted that the only time there may be reason for concern is if Valkyrie were to withdraw its application. Like Bitwise, Valkyrie had also applied to the SEC to transform its Bitcoin futures ETF (Valkyrie Bitcoin Strategy ETF) into a fund that invests in both Bitcoin and Ethereum futures contracts.\u00a0 Barring any denial by the SEC, asset managers like Volatility Shares, VanEck, ProShares, Roundhill, and even Bitwise are expected to launch their Ethereum futures ETF in October.\u00a0 Based on their respective filing dates, Volatility Shares is set to gain a first-mover advantage, launching on October 12, while others are expected to launch after.\u00a0 Featured image from Moneycontrol, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":552664,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[1944,8379,8323,89213,1946,10384,84816,7931,8686,78803],"class_list":["post-552650","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-etf","tag-etfs","tag-eth","tag-eth-news","tag-ethereum","tag-ethereum-etf","tag-ethereum-etfs","tag-ethereum-news","tag-ethusd","tag-ethusdt"],"acf":[],"yoast_head":"\nBitwise Withdraws Application, A Big Blow To Ethereum ETFs?<\/title>\n<meta name=\"description\" content=\"Bitwise has withdrawn its application to transform its existing Bitcoin futures ETF to one that invests in both Bitcoin and Ethereum.\u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/uniquehot.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitwise Withdraws Application, A Big Blow To Ethereum ETFs?","url":"http:\/\/uniquehot.com\/news\/ethereum\/bitwise-ethereum-etfs\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/ethereum\/bitwise-ethereum-etfs\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/09\/Bitwise-Ethereum-ETF.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/09\/Bitwise-Ethereum-ETF.jpeg?fit=875%2C492"},"articleSection":"Ethereum","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["etf","etfs","eth","eth news","ethereum","ethereum etf","ethereum etfs","ethereum news","ethusd","ethusdt"],"dateCreated":"2023-09-23T20:00:43Z","datePublished":"2023-09-23T20:00:43Z","dateModified":"2023-09-23T20:00:43Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitwise Withdraws Application, A Big Blow To Ethereum ETFs?\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/ethereum\\\/bitwise-ethereum-etfs\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/ethereum\\\/bitwise-ethereum-etfs\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/Bitwise-Ethereum-ETF.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/Bitwise-Ethereum-ETF.jpeg?fit=875%2C492\"},\"articleSection\":\"Ethereum\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"etf\",\"etfs\",\"eth\",\"eth news\",\"ethereum\",\"ethereum etf\",\"ethereum etfs\",\"ethereum news\",\"ethusd\",\"ethusdt\"],\"dateCreated\":\"2023-09-23T20:00:43Z\",\"datePublished\":\"2023-09-23T20:00:43Z\",\"dateModified\":\"2023-09-23T20:00:43Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/09\/Bitwise-Ethereum-ETF.jpeg?fit=875%2C492","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/552650"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=552650"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/552650\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/552664"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=552650"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=552650"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=552650"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}