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<ul> 
 <li>Bitwise has unexpectedly withdrawn its application for the Bitcoin and Ethereum Market Cap ETF.</li> 
 <li>Bitwise’s withdrawal timing raises concern, as its recent call for SEC approval of ETFs.</li> 
</ul> 
Bitwise, a prominent provider of cryptocurrency investment solutions, has officially withdrawn its application for the Bitcoin and Ethereum Market Cap Strategy and Exchange-Traded Fund (ETF). The decision has left investors and industry observers puzzled, as it comes one day after Bitwise’s Chief Investment Officer, Matt Hougan, publicly vouched for the<a href="https://thenewscrypto.com/bitcoin-news-analysts-raise-odds-of-bitcoin-spot-etf-approval-by-u-s-sec/" target="_blank" rel="noreferrer noopener"> approval of ETFs</a> in an interview with Bloomberg. 
Bitwise submitted its withdrawal <a href="https://www.sec.gov/Archives/edgar/data/1928561/000138713123010681/bitwise-aw_083023.htm" target="_blank" rel="noreferrer noopener nofollow">request</a> to the U.S. Securities and Exchange Commission (SEC) on August 3rd, 2023. The now-abandoned ETF had a <a href="https://thenewscrypto.com/crypto-asset-manager-bitwise-resubmits-bitcoin-futures-etf-proposal/" target="_blank" rel="noreferrer noopener">unique approach</a>. Intending to allocate funds into either Bitcoin futures contracts or Ethereum futures contracts based on the relative market capitalization of these two leading cryptocurrencies. Bitwise had even forged a partnership with ProShares to create a similar ETF during the same period. 
<h2 class="wp-block-heading" id="h-what-exactly-happened">What Exactly Happened?</h2> 
This development comes at a time when the cryptocurrency market has been experiencing bullish sentiments following Grayscale’s <a href="https://thenewscrypto.com/crypto-market-rallies-on-grayscales-victory-against-u-s-sec/" target="_blank" rel="noreferrer noopener">victory in its battle</a> with the SEC. Grayscale, a cryptocurrency asset management firm, successfully converted its Grayscale Bitcoin Trust into an SEC-reporting company. 
Bitwise’s decision to withdraw its ETF application has left many wondering about the reasons behind this sudden change in strategy. The company has not publicly disclosed the specific reason. But the official filing stated, “The Trust no longer intends to seek effectiveness of the Fund, and no securities of the Fund were sold, or will be sold, pursuant to the above-mentioned Post-Effective Amendment to the Trust’s Registration Statement.” 
In a broader context, this move by Bitwise adds to the uncertainty surrounding cryptocurrency-related ETFs in the United States. Further, the SEC has <a href="https://thenewscrypto.com/binance-news-secs-sealed-submission-request-in-binance-lawsuit-raises-concerns/" target="_blank" rel="noreferrer noopener">recently postponed</a> its decision on a range of spot Bitcoin ETF applications filed by various entities. Including BlackRock, WisdomTree, Invesco Galaxy, Wise Origin, VanEck, Bitwise, and Valkyrie Digital Assets. These decisions, originally expected sooner, are now slated for evaluation in October, as confirmed by agency filings.

Shocking: Bitwise Withdraws BTC & ETH ETF Application

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