Bitwise withdraws Bitcoin and Ether Market Cap ETF application By Cointelegraph

In an unexpected turn of events, Bitwise submitted a request to retract its application for its and Ether Market Cap Weight Strategy exchange-traded fund (ETF), initially filed with the United States Securities and Exchange Commission (SEC) on Aug. 3.

While market sentiment turned bullish following Grayscale’s SEC victory, Bitwise appears to be reassessing its strategy. The withdrawal of the ETF application was unexpected; however, in the filing, a statement read, “The fund seeks to provide investors with capital appreciation. There can be no assurance that the fund will achieve its investment objective.”