Submitted in August 2023, the application from Global X and CBOE had seen two review extensions from the SEC in September and November. However, to the disappointment of Global X, when the SEC officially approved 11 Bitcoin ETFs in early January, their ETF was not included in the list.
James Seyffart, a Bloomberg stock analyst, had anticipated this decision from Global X, noting that it came as no surprise. “This is not surprising as we have known they were out of the race since at least early December, but now it is official,” he wrote.
Analysts from JPMorgan, one of the largest American banks, recently released a report showing declining investor interest in spot bitcoin exchange-traded funds. The inflow of funds into nine existing funds amounted to $857 million from the launch day, January 11, to January 24, with Bitcoin ETFs receiving an influx of liquidity of $270 million on January 24.
Despite these developments, Matrixport has predicted a drop in the price of the first cryptocurrency to $36,000. However, experts still believe that Bitcoin has the potential to increase in value due to favorable macroeconomic conditions and increased liquidity.