Bloomberg: No Proof of Spot Bitcoin ETF Rejections

• Bloomberg Analyst Predicts Approval of Spot Bitcoin ETF Despite Speculations
• Matrixport Report Counters Market Expectations
• A Glance at the Impact on Bitcoin's Value
• Bloomberg Analysts Remain Confident in Approval
• The Industry's Expectations and The Impact of Speculation

Bloomberg Analyst Predicts Approval of Spot Bitcoin ETF Despite Speculations

Erich Balchunas, a distinguished Analyst at Bloomberg, has countered recent claims suggesting an impending rejection of Spot Bitcoin$42,260 -0.64% ETF. Balchunas addressed a report by Matrixport, which anticipated a disapproval of all ETF applications, asserting that there was no evidence to support anything other than an approval of the investment product.

Matrixport Report Counters Market Expectations

The report by Matrixport, headed by Markus Theilen, suggested a likely rejection based on applicants' failure to satisfy critical requirements mandated by the US Securities and Exchange Commission (SEC). However, this suggestion stands in contrast to broader market anticipations, which lean towards approval.

A Glance at the Impact on Bitcoin's Value

The speculation around the possible rejection of the Spot Bitcoin ETF led to a significant decrease in Bitcoin's value, with a drop of up to 9% in the last 24 hours. This plunge resulted in more than $540 million in liquidations. Despite these market reactions, Erich Balchunas remains firm in his stance that there is no indication of an impending rejection of the Spot Bitcoin ETF.

Bloomberg Analysts Remain Confident in Approval

Bloomberg analysts, Erich Balchunas and James Seyyfart, have been leading the discourse on Spot Bitcoin ETF, consistently asserting likely approval, expected to materialize in the coming week. Attempts to verify the sources behind Matrixport's contradictory report have, so far, yielded no results.

The Industry's Expectations and The Impact of Speculation

Matrixport's report challenges the expectations that have been built over several months within the industry. Signs such as live advertisements from potential issuers and regular amendments to the S-1 filing as directed by the SEC, suggested a clear path towards approval. However, the speculation has undeniably impacted the market, stirring uncertainties and influencing Bitcoin's value.

Edited by Jonathan Stoker