Bloomberg ETF Analyst: All Signs Point to Bitcoin ETF Approval, Haven't Heard Anything Else

Bloomberg ETF analyst Eric Balchunas, who often shares the progress of Bitcoin spot ETFs, responded to the speculation that the market plunged due to the "SEC rejection."

Matrixport analyst: Expect all ETFs to be rejected in January, Bitcoin to fall to 36K~38K

ETF Analyst Presses Matrixport Researcher for Source of Information

Regarding the speculation on "SEC Rejects ETF," Eric Balchunas stated, "People are tagging me like crazy on this 'reject' report. We have seen no signs other than approval." Eric Balchunas also inquired whether the statement had a credible source or was merely speculation. However, as of the deadline, author Markus Thielen had not responded to Eric Balchunas.

Hi Markus saw the “rejection” prediction just curious are you basing this off any sourcing (eg issuers or inside the SEC) or is it more just your opinion/take on things? Thanks

— Eric Balchunas (@EricBalchunas) January 3, 2024

Eric Balchunas noted that the author appeared to be bullish on Bitcoin and questioned the sudden reversal of stance.

SEC Still Meeting with Issuers for Adjustments

Reporter Eleanor Terrett also mentioned that the SEC is still meeting today with several major exchange players to discuss the submissions from these spot ETF issuers.

🚨SCOOP: The @SECGov is holding meetings today with the exchanges (@Nasdaq, @CBOE, @NYSE) to finalize comments on the 19b-4s submitted by the $BTC Spot ETF issuers.

— Eleanor Terrett (@EleanorTerrett) January 3, 2024

Bitcoin Briefly Touches 40K

The news was tweeted at 18:54 in the evening, which led to a significant drop, touching 40,750 after 8 p.m. Before the deadline, it had stabilized at 42,431.

Long Liquidations in Bitcoin Contracts

As of 20:14 in the evening, within one hour, the total liquidation amount across all exchanges reached a high of 378 million USD, with over 95% being long positions. Bitcoin contract liquidation was the largest, nearing 100 million USD.

What Did Matrixport Actually Say?

In fact, Matrixport did not say that Bitcoin spot ETF would not be approved, but rather indicated that it would not be approved in January and expected approval in the second quarter of 2024.

Additionally, KOL Aylo believes that there will be a major drop in Q1, not during the approval but when the ETF is officially launched.

Aylo: Bitcoin Sell the news won't happen when the ETF is approved, Q1 will inevitably see a major drop