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Matrixport Event Summary | Wu Jihan tweets to clarify: Decline not our responsibility, Matrixport not to blame

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Matrixport Event Summary | Wu Jihan tweets to clarify: Decline not our responsibility, Matrixport not to blame

Bitcoin fell from $45,320 to a low of $40,626, with Matrixport's analysis report being seen as one of the reasons for the drop, and Matrixport co-founder Wu Jihan has responded to the event multiple times.

Bitcoin ETF won't pass? The crypto market suffered a near $600 million bloodbath

Matrixport Timeline of Events

1/3 | 18:32: Matrixport Tweet Releases Analysis Report

The title is "Why the SEC Will Again Reject a Bitcoin Spot ETF."

1/3 | 18:35: BTC Starts to Fall

Bitcoin drops from $45,320 to a low of around $40,626 at approximately 20:05, a decline of about -9.93%.

BTC 5-Minute Chart

1/3 | 21:19: Bloomberg Analyst: No Signs of Rejection Seen

Bloomberg ETF analyst Eric Balchunas mentioned being tagged frantically in this "rejection" report.

He stated, "Apart from an approval, we have not seen any signs." Eric Balchunas also inquired whether this statement had a source or was just speculation.

Bloomberg ETF Analyst: All Signs Favor Bitcoin ETF Approval, No Other News Heard

1/3 | 21:23: Community Criticism

@BTC_Archive pointed out that Matrixport released two analysis reports on the same day with completely opposite predictions.

However, the bullish report by Matrixport was actually published on January 2, not on the same day as portrayed by @BTC_Archive.

This was continuously mocked by the community, stating that both long and short predictions were made, so there was no way to be wrong.

Matrixport: Bitcoin Price Expected to Reach $50,000 This Week, These Factors Will Bring a Frenzied Trend

1/4 | 12:01: Wu Jihan Responds: Analysts Operate Independently

Wu Jihan posted in the evening, expressing his belief that the ETF is bound to be approved, but still supporting analyst Markus Thielen and stating that the analysis report is intended for Matrixport users, and its widespread dissemination by the media was not part of Matrixport's plan and beyond their control.

Matrixport Co-founder Wu Jihan Responds: Analysts Operate Independently, ETF Approval Is Inevitable

1/4 | 02:53: Wu Jihan: One Report Will Not Cause a Flash Crash

Wu Jihan posted again in the early morning stating that Matrixport's headquarters are in Asia, with a flight time of over 17 hours from New York, making insider information impossible. Instead of blaming the crash on the report, he suggested understanding the analyst's perspective.

He mentioned that Markus Thielen is just one of the collaborating analysts, and readers should take responsibility for their trading choices.

1/4 | 06:14: Wu Jihan: Matrixport Is Not to Blame, Not Responsible for Market Plunge

Wu Jihan emphasized that Markus Thielen did not release two opposite predictions on the same day but had differing views over two days, which he views as an ability and advantage to adjust viewpoints quickly.

He noted that if you are a trader, you wouldn't want to work with an analyst who sticks to their views from yesterday. They might have realized they were wrong but are too embarrassed to admit it and tell you.

He pointed out that the accuracy of the report can be revisited later:

  1. Short-term: Markus suggested users buy put options, which has proven to be correct.

  2. Medium-term: Observing whether the SEC will reject a Bitcoin spot ETF by the end of January.

  3. Long-term: Smart investors will observe whether BTC will surpass the predicted price of $42,000 by the end of 2024.

Wu Jihan concluded by sincerely wishing everyone prosperity and emphasizing that Matrixport will not interfere with analysts in the future.

Why Did Matrixport Analysts Predict a Bearish Market?

According to previous reports, reasons for the bearish prediction include:

  1. The SEC's current five-member voting committee is dominated by Democrats.

  2. Democrats do not favor "cryptocurrencies."

  3. All applications have not met a crucial requirement for SEC approval.

  4. From a political standpoint, there is no reason to approve a Bitcoin spot ETF to legitimize Bitcoin in another form.

Matrixport Analysts: Expect All ETFs to Be Rejected in January, Bitcoin to Drop to $36K~$38K