Global X has withdrawn their application for a bitcoin spot exchange-traded funds (ETF), according to a notice sent by Cboe BZX Exchange on January 30th.

Cboe BZX Exchange has withdrawn its proposed rule changes to list and trade the shares of Global X’s bitcoin spot ETF. The Securities and Exchange Commission had delayed its decision twice before the official withdrawal on January 26.

Three weeks ago, eleven other issuers had listed their ETFs in the market. BlackRock’s iShares Bitcoin Trust is the leader in this race with $2.6 billion of total trading volume over just 13 days. Fidelity Wise Origin Bitcoin Fund is second. (FBTC)

The ETFs collectively have raised nearly $250 million. Grayscale Bitcoin Trust’s (GBTC) high-volume outflows have made this number significantly lower than BlackRock and Fidelity. Since its launch, the fund has experienced outflows of nearly $5.4 billion.

Read more: Bitcoin price nears $44K, ETFs see net inflows for the first time in a week

Aoyon A. Ashraf is the editor.