SEC Suspend Bitwise Spot Crypto ETF Under Full Review
US gbe people wey dey regulate tins don pause Bitwise plan to change e over-the-counter BITW fund into one spot crypto ETF, dem come use Rule 431 for full SEC Commission review just hours after Division of Trading and Markets clear am small. The Bitwise 10 Crypto Index Fund ETF wey dem design to follow top ten digital assets (wey get about 90% exposure to Bitcoin (BTC) and Ethereum (ETH), plus some for Solana (SOL), XRP (XRP), and Cardano (ADA)) now dey face uncertain time to list because dem dey look am well well. This suspension join the recent stop wey happen for Grayscale’s GDLC ETF, show say regulators no too sure as SEC dey try arrange crypto ETF rules well for investor protection and make market pure. Traders need gats prepare for more gbege for Bitcoin price and short-term pressure for ETF price and liquidity, but still dey watch Bitwise wey go try resubmit and how SEC take dey change mind, because na those tins go decide how institution and retail people go fit access regulated crypto ETF products later.
Bearish
SEC stop Bitwise spot crypto ETF conversion, e bring new regulatory wahala, dey delay institutional money wey for fit support Bitcoin demand. Short-term trading volume and ETF liquidity fit go down, cause more wahala for BTC price and e fit fall until review finish. Even though long-term prospects for regulated crypto ETF still dey good, market go react bad now as traders dey fear more delay and tight control.