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Tuttle Capital Management has withdrawn its application for ten leveraged crypto ETFs initially proposed for BONK, TRUMP, and MELANIA tokens. This withdrawal signals important insights into how meme-focused funds are evaluated by regulators.
Bitwise Submits Dogecoin ETF Application
Bitwise has filed an S-1 registration under the 1933 Securities Act for a Physical Dogecoin 
$0.22614 ETF. This application is officially recorded as a genuine Spot Dogecoin ETF proposal.
Criticism of Meme Coin ETFs
Industry experts criticize meme coin ETFs, labeling them as pure speculation. Bryan Armour from Morningstar stated that such ETFs belong more in entertainment venues than on stock exchanges.
Established Bitcoin 
$109,461 and Ethereum 
$2,563 ETFs have experienced a total net outflow of $600 million in the past two days. However, U.S. spot Bitcoin ETFs hold 5.55% of the entire Bitcoin supply.
Tuttle withdrew ETF applications for TRUMP and MELANIA, indicating the SEC‘s acceptance boundaries.
Bloomberg Senior ETF Analyst Eric Balchunas noted that this withdrawal could help define what the SEC considers acceptable.
Such speculative instruments may be more suited to entertainment venues than exchanges.
Bryan Armour from Morningstar expressed confusion over the purpose of meme coin ETFs, suggesting they detract from capital market objectives.
Nate Geraci, President of The ETF Store, remarked that meme coins generally trend towards worthlessness, creating a significant cosmetic issue for ETF providers.
Fidelity’s FBTC and Grayscale’s GTBC ETFs saw the highest outflows, while Grayscale’s ETHE ETF recorded the largest net outflow in a single day. All U.S. Spot Bitcoin ETFs collectively hold 1.165 million Bitcoins.
The amount of Bitcoin held by Bitcoin ETFs, source: Bitcoin Treasuries by BiTBO/highcarts.com
Recent developments indicate that cryptocurrency ETFs are facing regulatory challenges, leading investors to act more cautiously. The resistance encountered in recognizing meme coins as financial instruments heightens uncertainties in this sector.
