Crypto enthusiasts weren’t the only ones watching Bitcoin’s meteoric ascent last month.
The likelihood of a Bitcoin exchange-traded fund gaining approval from the U.S. regulator has declined thanks to the cryptocurrency’s wild price swings in June, Jeff Dorman, chief investment officer at Arca, wrote in a July 1 research note.
The Securities and Exchange Commission has already shot down several ETF proposals, including one from the Winklevoss twins, citing concerns over market manipulation in cryptocurrency markets.