Nasdaq and NYSE withdraw applications for Bitcoin and Ethereum options

The New York Stock Exchange and Nasdaq have withdrawn their applications for options on Bitcoin and Ethereum Spot ETFs. This is according to documents filed.

Bloomberg analyst James Seyffart is not really surprised. "I expect stock markets to reapply in the coming days or weeks," the industry expert said in a post on X.

Last week, the U.S. exchange CBOE also withdrew its application, but filed a revised application with the U.S. Securities and Exchange Commission (SEC) shortly thereafter. "To me, this means that the SEC has probably provided feedback," Seyffart said of the new application. However, it could also be a delaying tactic to push the decision deadline to the end of April 2025.

According to Seyffart - who has previously made reliable predictions about Bitcoin and Ethereum ETFs - the SEC will approve options on Bitcoin ETFs in the fourth quarter of 2024. Options are forward contracts. The buyer of an option gets the right to buy or sell a security at a predetermined price within a certain period of time. Options allow both lifted long and short positions.