Global X Drops Bitcoin ETF Bid, First to Back Out After SEC Approvals
• Global X withdraws its application for a U.S. spot Bitcoin ETF
• Global X is the first firm to abandon its Bitcoin ETF plans after the SEC approved 11 applications in January
• Approvals included BlackRock, Fidelity and WisdomTree Bitcoin ETFs
• Outflows from Grayscale Bitcoin Trust slowed down as investors moved to new spot ETFs
• Bitcoin price up 6% this week, partly on hopes Fed will hint at potential rate cuts in the future