The Cboe withdrew its request for the SEC to consider a rule change for the VanEck Bitcoin ETF (the approval of which could have led to a Bitcoin ETF being listed on the Cboe). Impressively, Bitcoins price barely reacted.
Given the lack of price action, one might assume that any ETF disappointment has been long priced in after the first wave of rejections came back in July 2018.
However, some are going a step further and wondering aloud on social media if this isn’t a bullish sign.
After-all, one standard sign a bear market is nearing the end is when prices don’t drop on bad news.
That said, one sign doesn’t mean much on its own, so we will have to continue to wait and watch.
To learn more about the ETF, see CoinDesk’s Cboe Exchange Withdraws Proposal for VanEck-SolidX Bitcoin ETF.
For the official document see this PDF published on the SEC.Gov website.
TIP: The Cboe didn’t say why it was withdrawing, but the withdrawal signals that they expect a rejection. The idea is it is easier to get approved later if they don’t keep getting rejected. One problem right now is that with the government shutdown, it is unlikely the SEC will allow for something as major as the first Bitcoin ETF. You’ll note Bakkt has also been kicking the can down the road, their logic is potentially the same, although for them they are dealing with CFTC.
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