Matrixport co-founder Jihan Wu took to social media to address industry concerns regarding the company’s recent report predicting the rejection of spot Bitcoin ETF applications by the SEC.
In his statement, Wu emphasized the independence of Matrixport’s analysts, stating that they operate without any influence or interference from management. He added that the analysts are valued for their analytical skills, which are considered superior to those of the management team.
He further clarified that the report was not influenced in any way by management and is based on independent research by the author.
Wu’s statement comes after industry backlash following the release of the report due to a lack of insider sources, with some claiming the report was part of a market manipulation scheme.
Prominent ETF analysts, in particular, claim the report is based on pure speculation as it conflicts with the information provided by sources within the SEC and the ETF hopefuls.
Wu also mentioned his limited involvement with the report, noting that he, like many others, had only briefly looked at its title. His statement aimed to clarify the company’s stance and reaffirm its commitment to providing independent, well-researched market analysis.
Backlash
The report — titled “Matrixport Analysis: SEC to Reject ETF Applications in January with Final Approval Pushed to Q2 2024” — led to a significant 7% price drop in Bitcoin, which fell from above $45,000 to below $42,100 in a matter of hours.
Matrixport’s report detailed several factors influencing Bitcoin’s price. It projected a rejection of spot Bitcoin ETF applications in the immediate term, with a potential approval being delayed until the second quarter of 2024.
The rejection claim quickly raised questions about the report’s veracity, with many — including Bloomberg analyst Eric Balchunas — asking the author Markus Thielen to confirm his source.
Thielen responded to Balchunas, stating:
“My report is not based on issuer, nor on SEC insider comments. Obviously this is massively out of consensus. I do think the SEC will vote it down. And yes, after being the biggest bull all year (predicted 45k by Xmas on Feb 1), I turned bearish today but the arguments were ready.”
Despite the forecasted regulatory setback, the report maintained a bullish outlook on Bitcoin’s price for 2024, citing historical patterns, the upcoming Bitcoin halving, and macroeconomic conditions.
Analysts say otherwise
Balchunas said that…
Click Here to Read the Full Original Article at Bitcoin (BTC) News | CryptoSlate…
