The Chicago Board Options Exchange (Cboe) recently resubmitted its application for a physically-settled bitcoin ETF option late last night, indicating that the Securities and Exchange Commission (SEC) may be involved in reviewing the application. Despite this, market analyst James Seyfarrt had previously forecasted that a physically-settled bitcoin ETF option would likely be launched in the fourth quarter. However, immediately after, the Miami International Stock Exchange (MIAX PEARL) and BOX exchange withdrew their applications for a physically-settled bitcoin ETF option, which were all based on documents submitted to the SEC. These series of events reflect the market's focus and changes in the approval process of a bitcoin ETF option.