Fidelity BTC ETF also rejected

Six down and more to come, as the SEC also rejected the Fidelity BTC ETF.
Source: Tradingview (Coinbase, GBTC, CME)

The SEC has denied all physically-backed U.S. BTC ETFs, most recently with Fidelity’s filing. All in all, it seems very likely that all upcoming filings will face the same destiny as Fidelity. With the current market structure of bitcoin, it will be near impossible to satisfy SEC’s stringent requirements. The SEC’s reasoning for the denials can be summarized with the following remarks:

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