Global X Exits Spot Bitcoin ETF Approval Race

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By BitcoinWiki News

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Global X has withdrawn its application for a spot Bitcoin ETF after facing delays and concerns from the SEC. The withdrawal comes after the SEC approved 11 other spot Bitcoin ETFs.

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Global X has withdrawn its application for a spot Bitcoin ETF, citing delays and concerns from the SEC. The SEC recently approved 11 other spot Bitcoin ETFs after initial resistance due to concerns about market manipulation, lack of surveillance-sharing agreements, and monitoring Bitcoin spot markets for fraud. The authorized ETFs saw substantial outflows, affecting Bitcoin’s price, but Goldman Sachs’ head of digital assets views investing in these ETFs as a more cost-efficient option compared to directly owning the crypto.

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1. Impact of ETF Approvals:

How are the recent approvals of spot Bitcoin ETFs impacting the cryptocurrency market, especially in terms of investor sentiment and Bitcoin’s price fluctuations?

2. Challenges for ETF Approval:

What are the main challenges and concerns that ETF providers like Global X are facing in getting their spot Bitcoin ETF applications approved by the SEC?

3. Outflows and Market Impact:

How do the substantial outflows from authorized ETFs like GBTC affect Bitcoin’s price, and what does this indicate about investor behavior and market dynamics?

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