TruthSocial withdraws Bitcoin ETF application Analysts say it may be due to too fierce competition

Bloomberg ETF analyst James Seyffart disclosed that Trump's social platform TruthSocial has withdrawn its spot Bitcoin ETF application. Seyffart said the reasons given in the official press release were "not very reasonable." He pointed out that there are differences in regulatory protection between 33ActETP and 40ActETF. This is common sense in the crypto ETF market and "there are no new changes." He believes that the more likely reason is that competition in the spot Bitcoin ETF market has become extremely fierce, especially after Morgan Stanley launched MSBT with a fee of only 14 basis points, which has further compressed market space. Seyffart also said that TruthSocial still seems to plan to launch a more flexible crypto-related ETF strategy and adopt a 40Act fund structure. He said: "Does the market really need the 14th spot Bitcoin ETF? But more differentiated products still make sense."