The first Bitcoin spot ETF to shut down and liquidate has appeared. Bloomberg ETF analyst Eric Balchunas posted that the first Bitcoin spot ETF to be liquidated is here—Hashdex’s DEFI has announced its closure, having only raised $14 million. He believes the issue isn’t the drop in Bitcoin’s price but rather that this product was launched far too late compared to similar offerings. For independent issuers, starting this late in any sector makes it very difficult to gain traction. According to Hashdex’s announcement, as of July 30, the fund’s assets under management were approximately $14.7 million. The company has decided to close and liquidate this product.