The winter of cryptos continues with the group of bad news that does not stop singing a year 2022 two months from its end. Whether for products or personnel, the main trend is rather to shorten or downsize to save furniture or stop damage.
Bad timing for Australian crypto ETFs
Three crypto ETFs will soon be absent from the Australian stock market landscape. Indeed, the companies that issueAccess to Ethereum with the aim of ETF Cosmosfrom Cosmos ETF Purpose of Bitcoin Access and to Cosmos Global Digital Miners Access ETF submitted a request for revocation of their listings on Cboe Australia. A decision that would be directly related to the prolonged cooling of the crypto market and not to the loss of faith in the future of Bitcoin and its offshoots.
Although we strongly believe in the asset class, we are all disappointed with this outcome, however, we will continue to pursue the process in the best interest of all unitholders.
Dan Annan, CEO of Cosmos, quoted in Bloomberg
Introduced at the worst time of the market cycle, last May and June, or in October 2021 for the mining ETF, domestic players expected inflows of up to $1 billion at the timeas specified by bloc. Hopes were quickly dashed the three soon-to-be-delisted Cosmos funds each have a net asset value of less than US$700,000.
These radiations are not the first. Thus, in the United States, Valkyrie Balance Sheet Opportunities ETFan investment product that offers indirect exposure to BTC, was delisted from the Nasdaq exchange on October 31 at the request of its issuer.
In general, All Institutional Crypto Products Suffer From Winter Harassment As First Bitcoin ETF Launches In US Marketwhich has lost much of its luster since its glittering debut.
Continued workforce reductions
At the same time, the list of crypto companies that are still going out of business or re-licensing continues to grow. So BitMEX, the crypto derivatives trading platform that had laid off 75 employees earlier in the year, is reducing its workforce again.from 30% according to the first figure subsequently declared disputed. A news that comes after the announcement of the departure last week of CEO Alexander Hoeptner. An event which is again becoming common in the cryptosphere where a number of high-profile officials have recently stepped down.
By choice or by force, which could be the case with Mike Novogratz, the boss of Galaxy Digital, the institutional crypto services company. The company has yet to make an announcement, however REFLECTING for reducing its workforce of order from 15 to 20% of positions. Speaking of course about the bear market, but above all Galaxy Digital’s overexposure to the Terra Luna ecosystem which Novogratz was one of its important investors. After its collapse in May, the company ended the second quarter record loss of $554 million. The third quarter results released on November 9 will undoubtedly seal the fate of a certain number of employees.
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