Bitwise filed an amendment to its Bitcoin spot ETF application on Monday that included new arguments that the regulator’s explanation for depriving U.S. investors of the product was invalid.
The company claims that the CME Bitcoin futures market is ahead of the spot market in Bitcoin price discovery, and that the CME Bitcoin futures market is not large enough or correlated with the Bitcoin spot market to offset potential on the exchange. Manipulator trades.
CME Bitcoin Futures is responsible for the majority of Bitcoin’s price discovery and is therefore sufficient to constitute an oversight sharing agreement.
Bitwise claims that Bitcoin’s price is determined more by the futures market than the SEC believes.
According to Bitwise research previously cited by Hougan, the trading volume in Bitcoin’s spot market may be largely fake, meaning that the relative size of its futures market is much larger.