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Filing on the SEC website revealed that Nasdaq ISE, LLC has withdrawn its proposals to list and trade options on spot Bitcoin and Ethereum ETFs.
This move follows similar withdrawals by other exchanges in the past week. Despite these withdrawals, some analysts expect exchanges to refile their proposals soon.
Exchange Withdrawals and Regulatory Landscape
Nasdaq ISE, LLC withdrew its Bitcoin and Ethereum ETF options trading proposals. The exchange filed notices on Thursday to withdraw both proposals.
According to the SEC filings, Nasdaq received no comments on its Bitcoin ETF proposal. The exchange published the proposals for comment on August 12, 2024, and withdrew them the next day.
Other exchanges, such as MIAX, MIAX Pearl, and BOX, have also taken similar actions. According to the SEC filing, these exchanges withdrew their proposals on August 1.
The Cboe initially withdrew its application but later refiled it. Some ETF analysts say this move suggests ongoing discussions with the SEC.
NYSE American LLC also withdrew its proposal for Bitwise and Grayscale Bitcoin ETF options. This withdrawal adds to the growing list of exchanges stepping back from crypto options trading.
The SEC has not yet approved trading for options on spot Bitcoin and Ethereum ETFs. The regulator’s silence likely influences the exchanges’ decisions.
Analysts Predict Imminent Refilling of Bitcoin and Ethereum ETFs
Despite the proposal withdrawal spree, industry experts remain bullish. Some say these withdrawals don’t necessarily mean the end of crypto ETF options, and others expect exchanges to refile their proposals soon.
In a recent X post, Bloomberg Intelligence Analyst James Seyffart said the Nasdaq, NYSE, and CBOE fillings matter more than applications from the smaller exchanges.
In another post, Seyffart said he expects Nasdaq and NYSE to submit new proposals in the coming days or weeks. He predicted the final deadline to be September 21.
The current situation shows the complex relationship between crypto products and regulators.
Implications for the Crypto Market
The withdrawal of these ETF options could impact the broader crypto market as they could attract more investors.
The interest from heavyweights like Nasdaq, Cboe, and NYSE suggests that crypto ETF options can attract significant investment. If exchanges quickly refile improved proposals, it could boost market confidence.
Despite the latest development, the broader crypto market is displaying positive signs. According to Coin Market Cap, the crypto market has increased 1% over the past 24 hours and is currently above $2.07 trillion. Also, its daily trading volume has surged 3%.
Moreover, Bitcoin is showing signs of recovery, rising from $56,193 yesterday to over $58,000 today. Ethereum ETH’s price follows the same movement; it is trading at $2,600 after dipping to $2,515.
