Global X, one of the former contenders for a spot bitcoin exchange-traded fund (ETF), has withdrawn its application, according to a Jan 30 notice from Cboe BZX Exchange, which could have listed the fund.
Bitcoin is often referred to as "digital gold," but now it is possible to mint and trade physical gold on the Bitcoin blockchain via the Ordinals protocol.
While the new spot bitcoin ETFs have received billions in net inflows since opening for business on Jan. 11, a sizable amount of money has been exiting gold ETFs.
Investment advisors including Wall Street giants Goldman Sachs and Morgan Stanley were among the biggest holders of spot ETFs as of June 30 as clients amped up their crypto allocations to a total of $4.7 billion.