Bitwise Withdraws Application, A Big Blow To Ethereum ETFs?

In a recent development, asset manager Bitwise has withdrawn its application to transform its existing Bitcoin futures ETF (Bitwise Bitcoin Strategy Optimum Roll ETF) to one that invests in both Bitcoin and Ethereum futures contracts. 
This has raised speculations about the reason for this decision and what it means for the Ethereum futures ETFs projected to launch in October.
Why Bitwise Withdrew Its Application
Reporting this development on his X (formerly Twitter) platform, Bloomberg Ana