The companies behind the ETF Cosmos Purpose Ethereum Access ETF, Cosmos Purpose Bitcoin Access ETF and Cosmos Global Digital Miners Access ETF have submitted a request to cancel their bids on Cboe Australia, according to letters revealed on November 2.

The decision to cancel the quotes reflects the impact of the crypto winter on demand for crypto assets, not the management team’s belief in the future of the space, according to reports. Each of the three funds has a net asset value of less than $1 million.

On October 31, Cosmos requested to stop trading its Bitcoin and Ether ETF funds. The trading halt has also been requested separately by One Managed Investment Funds Limited for digital mining ETFs.

Two of the funds got green lights for trading in the country only in May, after gaining regulatory approval, Cointelegraph reported. For Australia’s first Bitcoin ETF listing, Cosmos secured a minimum of four market participants to support the 42% margin requirement needed to hedge the risk. At the time, local players expected inflows of up to $1 billion for the asset class.

According to a recent report from CryptoCompare, the average daily trading volume of institutional crypto products fell by 34.1% – to $61.3 million in October. Average daily volumes for all products covered in the report fell -24.3% to -77.5% in the month.

Bitcoin-based products for the month of October recorded an average of $8.37 million in net weekly inflows, while short Bitcoin-based products saw the largest outflows, averaging $5.03 million, according to the report.

The drop in prices had an impact on crypto-exchange-traded funds (ETFs). In October, Valkyrie Funds announced plans to close the Valkyrie Balance Sheet ETF, a crypto investment product that provides indirect exposure to BTC.

The fund was delisted from the Nasdaq on October 31, with the remaining investors receiving a cash distribution equal to the net asset value of the shares held. Valkyrie said the decision was part of an ongoing product review as the company aims to “best meet customer demand.”

Source: CoinTelegraph

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