The crypto winter continues with a flurry of bad news that never stops echoing in 2022, two months after it ended. Whether it is products or employees, the main trend is to cut or reduce furniture to preserve furniture or stop damage.
Bad timing for Australian ETFs
Three Crypto ETFs will soon no longer be part of the Australian stock market landscape. In fact, the companies exporting toETF Cosmos Purpose Access to EthereumFrom ETF Purpose Cosmos Purpose Bitcoin Access Based on Access to ETF from Cosmos Global Digital Miners They applied to cancel their listings in Cboe Australia. A decision that is directly related to the prolonged cooling of the cryptocurrency market, and not to a loss of faith in the future of Bitcoin and its subsidiaries.
Although we believe strongly in the asset class, we are all disappointed with this result, however, we will continue to pursue the process in the interests of all unitholders.
Dan Annan, CEO of Cosmos, quoted by Bloomberg
It was introduced at the worst time of the market cycle, either last May and June, or in October 2021 for a mining ETF, Domestic players were expecting inflows of up to $1 billion at the time, as explained by The Block. Soon all hopes were dashed The three soon-to-be delisted Cosmos funds have a net asset value of less than $700,000.
These radiations are not the first. Thus, in the United States, the ETF Balance Sheet Opportunities Valkyriean investment product offering indirect exposure to BTC, was removed from the Nasdaq on October 31 at the request of its issuer.
generally, All institutional crypto products are experiencing the rigors of winter, such as the first Bitcoin ETF launched in the US marketwhich has lost much of its luster since its shimmering appearance.
Continuous cuts in the workforce
At the same time, the list of crypto companies that are still laying off or re-licensing is growing. So BitMEX, the crypto derivatives trading platform, which already laid off 75 employees earlier this year, is once again reducing its workforce.30% according to the first declared and then disputed figure. This news follows the announcement last week of the departure of CEO Alexander Hauptner. An event that has become popular again in the crypto world as A number of high-ranking officials have recently left their posts.
intentionally or forcibly, which would have been the case of Mike Novogratz, President Galaxy DigitalEnterprise Crypto Services Corporation. The company hasn’t made any announcement yet, but they are considering it To reduce its workforce in order to From 15 to 20% of positions. In question of course the bear market, but above all Galaxy Digital overexposure to the Terra Luna ecosystem of which Novogratz was one of its main investors. After its collapse in May, the company ended its second quarter in Record losses of $554 million. Third-quarter results published on November 9 will undoubtedly determine the fate of a certain number of employees.
Alcohol market? surely. likely to continue? probably. Best time to buy? No doubt. So don’t wait any longer to get started and sign up without delay on the Bytbit exchange (commercial link).