Global X, one of the former contenders for a spot bitcoin exchange-traded fund (ETF), has withdrawn its application, according to a Jan 30 notice from Cboe BZX Exchange, which could have listed the fund.

The filing shows that Cboe BZX Exchange is withdrawing its proposed rule change to list and trade shares of what would’ve been Global X’s spot bitcoin ETF. The Securities and Exchange Commission (SEC) had pushed back its decision on the application twice before the exchange officially withdrew on Jan 26.

Global X refiled for a spot bitcoin ETF in August 2023 after filing the initial application in July 2021.

The exit comes three weeks after eleven other issuers listed their ETFs on the market on Jan 11. Asset management giant BlackRock’s iShares Bitcoin Trust (IBIT) is leading the race so far with more than $2.6 billion in total flows over 13 days of trading, followed by Fidelity’s Wise Origin Bitcoin Fund. (FBTC)

Overall, the ETFs have brought in nearly $250 million in capital. This number is significantly lower than BlackRock and Fidelity’s flows because of the continuing high outflows out of Grayscale Bitcoin Trust (GBTC). The fund has seen nearly $5.4 billion in outflows since its launch.

Read more: Bitcoin Price Nears $44K as ETFs See Net Inflows for First Time in a Week