Truth Social withdrew its Bitcoin ETF application, analysts say it may be due to increased market competition.

CoinFeed reported on May 20th that Bloomberg ETF analyst James Seyffart published an article on the X platform stating that Truth Social, a social media platform owned by Trump, has withdrawn its application for a Bitcoin ETF. Seyffart stated that, according to the press release, there are differences between ETPs under Bill 33 and ETFs under Bill 40, and ETPs offer less protection; however, this has always been a known fact and has not changed. He believes the withdrawal is more likely related to the competitive landscape of spot Bitcoin ETFs, especially with Morgan Stanley's entry with a 14 basis point MSBT.