Direxion, ProShares and VanEck are among a handful of ETF issuers that have withdrawn filings to launch bitcoin ETFs at the request of U.S. regulators. The Securities and Exchange Commission (SEC) requested the issuers withdraw their filings.

Bitcoin futures are currently live on Cboe and CME with Nasdaq still considering a launch of similar products later this year.

The JPMorgan analysts note that GLD “enabled more investors to invest in gold, making it ‘a portfolio diversifier’ and ‘a foundational asset.’ Additionally, the increased access boosted gold prices from $443 in November 2014 to above $1,000 still today after the peak in 2011. They also point out that the gold fund is one of the largest ETFs on the market with more than $35 billion in assets under management,” according to ValueWalk.

The World Gold Council reminds investors that gold is very different from cryptocurrencies since the physical precious metal is less volatile, has a more liquid market, trades in an established regulatory framework, has a well understood role in an investment portfolio and has little overlap with cryptocurrencies on many sources of demand and supply.

For more information on the cryptocurrency market, visit our Bitcoin category.