21Shares stops several crypto products, citing sunken interest (report)

21Shares stops several crypto products, citing sunken interest (report)

The crypto ETP emittee based in Switzerland-21Shares-will report five of his funds and take another from the stock exchange, since the interest of the investors is low.

Arielle Pennington-Head of Global Communications-claimed that the company would continue to offer its other products that are enjoying solid demand.

Scraping of some ETPS

as unveiled The company will close the following five funds: the 21shares s & p risk controlled ethereum index ETP (ticker Speth), the 21shares S&P Risk Controlled Bitcoin Index ETP (Ticker SPBTC), the 21shares Defi 10 Infrastructure ETP (Defii), the 21Shares USD Yield ETP (USDY) and the 21Shares Crypto Layer 1 ETP (Lay1).

dealers will no longer have access from April 6th. In addition, the 21shares Terra Classic ETP (Luna) will be taken by the stock exchange on June 12th.

The main reason for the move is the low interest rates because they have a total assets of less than $ 700,000.

Pennington pointed out that the demand for the other ETPs was still strong, and added that considerable inflows were recorded in January. This month, the managed assets for the 21-shares Bitcoin ETP (ABTC) and the 21Shares Ethereum ETP (Aeth)

The policy of the Fed to raise interest rates, has a negative impact on some products such as ETPs and could be a reason for the decline in the cryptocurrency market last year. Other factors are the countless scandals and break-ins in the industry, with ftx , and Celsius under the notorious examples.

However, the market situation has improved significantly since the beginning of the year. Bitcoin and many old coins rose to the highest levels in the USA in the USA in the United States.

In addition, the industry could continue to benefit if the FED ends its aggressive interest rate increases and thus breathes a breath of risks. The initial expectations are that the central bank will increase the interest rates by 25 basis next week, while some believe that they may not reach the percentage afterwards it for eight consecutive months.

The BTC ETF was rejected

In addition to the offer of ETPS, 21Shares showed his plans to introduce a spot bitcoin ETF to the CBOE BZX Exchange in cooperation with ARK Investment Management. Nevertheless, the US SEC rejected Almost two months ago, as in the spring of 2022.

She claimed that the CBOE BZX Exchange did not "prove that its proposal meets the requirements" to prevent price manipulation and fraud.

The SEC previously rejected similar efforts van cor Data press-spaces = "True"> Greyscale and other organizations.

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