9 months ago
Matrixport co-founder Jihan Wu took to societal media to code manufacture concerns regarding the company’s recent report predicting the rejection of spot Bitcoin ETF applications by the SEC.
In his statement, Wu emphasized the independency of Matrixport’s analysts, stating that they run without immoderate power oregon interference from management. He added that the analysts are valued for their analytical skills, which are considered superior to those of the absorption team.
He further clarified that the study was not influenced successful immoderate mode by absorption and is based connected autarkic probe by the author.
Wu’s statement comes aft manufacture backlash pursuing the merchandise of the study owed to a deficiency of insider sources, with immoderate claiming the study was portion of a marketplace manipulation scheme.
Prominent ETF analysts, successful particular, assertion the study is based connected axenic speculation arsenic it conflicts with the accusation provided by sources wrong the SEC and the ETF hopefuls.
Wu besides mentioned his constricted engagement with the report, noting that he, similar galore others, had lone concisely looked astatine its title. His connection aimed to clarify the company’s stance and reaffirm its committedness to providing independent, well-researched marketplace analysis.
Backlash
The study — titled “Matrixport Analysis: SEC to Reject ETF Applications successful January with Final Approval Pushed to Q2 2024” — led to a important 7% terms driblet successful Bitcoin, which fell from supra $45,000 to beneath $42,100 successful a substance of hours.
Matrixport’s study elaborate respective factors influencing Bitcoin’s price. It projected a rejection of spot Bitcoin ETF applications successful the contiguous term, with a imaginable support being delayed until the 2nd 4th of 2024.
The rejection assertion rapidly raised questions astir the report’s veracity, with galore — including Bloomberg expert Eric Balchunas — asking the writer Markus Thielen to corroborate his source.
Thielen responded to Balchunas, stating:
“My study is not based connected issuer, nor connected SEC insider comments. Obviously this is massively retired of consensus. I bash deliberation the SEC volition ballot it down. And yes, aft being the biggest bull each twelvemonth (predicted 45k by Xmas connected Feb 1), I turned bearish contiguous but the arguments were ready.”
Despite the forecasted regulatory setback, the study maintained a bullish outlook connected Bitcoin’s terms for 2024, citing humanities patterns, the upcoming Bitcoin halving, and macroeconomic conditions.
Analysts accidental otherwise
Balchunas said that the study goes against the accusation fixed to him and galore different journalists and analysts similar James Seyffart, who person sources wrong the SEC. He added that the assertion seems much similar speculation arsenic determination is nary factual grounds to enactment it.
Balchunas further stated that the regulator would not beryllium going backmost and distant successful gathering with the applicants and exchanges implicit fixing their filings if the watchdog planned to cull the applications. He added that it would beryllium acold much businesslike for the SEC to stay quiescent and simply inquire the applicants to resubmit their S-1 filings alternatively of updating and fixing the 19b-4 forms.
Fox writer Eleanor Terret echoed his sentiments and reported that her sources had confirmed the SEC was gathering with each the exchanges — including Nasdaq, Cboe, and the New York Stock Exchange — progressive successful listing the upcoming ETFs.
The meeting’s superior intent is to finalize the 19b-4s submitted by the spot BTC applicants, which is different affirmative sign.
The station Jihan Wu stands by Matrixport’s contentious Bitcoin ETF investigation amid marketplace shakeup appeared archetypal connected CryptoSlate.
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