The US Securities and Exchange Commission (SEC) has delayed its decision to allow options trading for BlackRock and Bitwise’s spot Ethereum (ETH) exchange-traded funds (ETFs) saying it needed more time to consider the proposal.
According to the filing, the new deadlines for BlackRock and Bitwise have been pushed to Nov. 10 and Nov. 11, respectively. The initial 45-day review period that was to end on September 26 for BlackRock has now been extended until mid November to give SEC more time to consider the proposal. Nasdaq had first filed for the rule change for the iShares Ethereum Trust ETF on July 22.
Just one day after BlackRock’s proposed rule change change, Bitwise’s ETHW was also filed for rule change, hence, its decision date has been delayed as well.
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The delay comes after BlackRock’s iShares Bitcoin Trust (IBIT) was approved for options trading from the SEC on September 20– a move that was hailed as a huge win for Bitcoin ETFs.
As of September 24, the daily BTC ETF inflow is $37.06M and total net onflow is $17.74 Billion. Meanwhile Ethereum ETF saw a net outflow of $683.42 Million, even if it has a daily inflow of $3.26 Million. Thus, even with larger crypto adoption these days, ETH ETF has not managed to generate as much interest as Bitcoin ETFs have. After US SEC allows trading options on the BlackRock ETH ETF, Bitwise ETH ETF, things might take a slightly different turn for Ethereum ETF market.
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Also Read: Spot Bitcoin ETFs Record $4.5M in Net Inflow on September 23 ET
