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Asset manager Grayscale withdrew its application for futures Ethereum ETF without waiting for the SEC to make a final decision on May 30.

Crypto the turbulent process in the money market continues. leader cryptocurrency Bitcoin (BTC) has lost the $64,000 level, which is a major support point. Ether (ETH), the pioneer of altcoins, retreated back to the $3,000 region with the effect of the news flow.

An interesting move came from asset manager Grayscale the other day. Grayscale withdrew its application for futures Ethereum ETF. The U.S. regulator, SEC, was due to make a final decision on the application on May 30. Grayscale's move has taken crypto experts by surprise.

Why did Grayscale withdraw its application?

Grayscale, a Spot Bitcoin ETF issuer, has dropped its application for futures Ethereum ETF, creating a bombshell effect on the agenda. With the price of Ether (ETH) fall, it has become a matter of curiosity why the application was withdrawn.

On May 7, the asset manager notified SEC of the withdrawal of Grayscale Ethereum Futures Trust.

The asset manager had filed this application on September 19, 2023. Had it been approved, it would have been listed on the New York Stock Exchange. Bloomberg ETF analyst James Seyffart called Grayscale's futures Ethereum ETF application a "trojan horse." According to Seyffart, the asset manager would persuade SEC to Ethereum ETF spot once the futures ETF was approved.

Seyffart speculated that SEC had already discussed this issue with Grayscale, and that the rumors prompted Grayscale to retreat.

According to the SEC's schedule, a final decision on spot Ethereum ETF applications will be made on May 23. The official decision on Grayscale's forward Ethereum ETF application was on May 30. IT IS NOT INVESTMENT ADVICE. #buythedip #altcoins #altcoins