2024-1-4 09:10 |
Amidst conflicting reports on the fate of spot Bitcoin ETF applications and recent statements from Matrixport and WhaleWire that have raised concerns about potential SEC rejection, emerging perspectives hint at a positive outcome.
Here, we explore why the SEC might approve Bitcoin ETFs despite the apprehensions of Matrixport and WhaleWire.
Matrixport’s forecast and WhaleWire’s skepticismSingapore-based crypto platform Matrixport recently released a research note projecting a rejection for all spot Bitcoin ETF applications. In the report, Matrixport analysts suggest that the SEC might withhold approval for all ETF applications.
The analysis, titled “Matrixport Analysis: SEC to Reject ETF Applications in January with Final Approval Pushed to Q2 2024,” contributes to the ongoing debate within the crypto community. Despite market concerns and a subsequent 9% drop in Bitcoin prices ironically after Jim Cramer said Bitcoin is here to stay, Matrixport defended its independent research, emphasizing a lack of influence from the management team and asserting the report’s accuracy amid industry scrutiny.
Supporting the research, Jihan Wu, the founder of Matrixport and Bitcoin mining company Bitdeer, in a tweet said that the analysts at Matrixport “operate independently, expressing their opinions without any influence or interference from management.” and that “they are employed for their superior analytical skills…”
Additionally, WhaleWire, a renowned crypto analyst, also expressed scepticism, outlining reasons why the SEC might not greenlight the ETFs.
The overwhelming majority of the crypto community is all-in on #Bitcoin at its 2nd highest peak ever, preparing for the approval of Spot $BTC ETFs today or tomorrow.
These will NOT be approved by SEC, and that is very clear. But of course corrupt Wall Street and Mainstream Media…
Contrary to Matrixport and WhaleWire’s predictions, some industry analysts and insiders believe the SEC is leaning towards approving spot Bitcoin ETFs. Recent discussions indicate a positive sentiment, highlighting yesterday’s SEC meetings with Bitcoin ETF applicants.
Although the discussions of yesterday’s meeting with the SEC are yet to be made public, it is an indication of a potential shift from the bearish outlook presented in certain reports.
However, several factors might sway the SEC towards approving Bitcoin ETFs. Industry experts point to the increasing institutional interest in cryptocurrencies, a trend seen globally. The prospect of institutional money flowing into the crypto space via ETFs could be a pivotal factor influencing the SEC’s decision. It is worth noting that a majority of the firms seeking to convert their funds into spot Bitcoin ETFs have cited increasing interest among investors in the product.
Days in focus for SEC’s decision on spot Bitcoin ETFAs the crypto community awaits the SEC’s verdict, attention is drawn to the anticipated days of January 5 to January 10, 2024.
During this period, the SEC is expected to issue its decision on spot Bitcoin ETF applications. The looming deadline intensifies speculation and market volatility, with stakeholders closely monitoring developments.
To be precise some market analysts have indicated that the US SEC could notify BTC spot ETF applicants of approval status this Friday (January 5), citing the recent meeting with major exchanges seen as a positive sign. According to Fox Business, “Sources close to the proceedings say the SEC could begin notifying issuers of approval on Friday, with trading beginning as early as next week.”
ConclusionThe dynamic landscape surrounding Bitcoin ETFs continues to spark debates and speculations within the crypto space.
Matrixport and WhaleWire’s cautionary outlooks are countered by industry optimism, suggesting the SEC might lean towards approving the applications. As stakeholders brace for potential market movements, all eyes remain on the SEC’s decision in the coming days.
The post SEC's likely spot Bitcoin ETF approval despite Matrixport and WhaleWire predictions appeared first on Invezz
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