Approval For The Spot Bitcoin ETF Appears On Track, Despite Matrixport Skepticism
In response to the recent chatter surrounding the eagerly anticipated Bitcoin spot ETF for the US market, Bloomberg senior analyst Eric Balchunas expressed his perspective, asserting that he has observed only positive indicators leading up to the impending decision. He expressed bewilderment over the assertions made by the Matrixport analyst in a recently published report.
Addressing the conflicting report from Matrixport, Balchunas clarified that, in his view, there is no evidence pointing towards a potential rejection of the over 10 Bitcoin spot ETF applications submitted to the U.S. Securities & Exchange Commission (SEC). He further highlighted that both he and Bloomberg analyst James Seyffart have gathered verified information on the matter.
The controversy arose after Matrixport’s Markus Thielen forecasted the rejection of Bitcoin ETF applications filed with the SEC, causing a notable impact on Bitcoin and major cryptocurrencies.
Balchunas took to his X account to respond to the situation, sharing a series of messages. He noted that some have labeled him as “crazy” in light of the reported “rejection.” He emphasized that no information has surfaced indicating anything other than approval. Balchunas expressed a desire to give the Matrixport analyst the benefit of the doubt and questioned whether the assertions were based on credible sources or mere speculation.
Additionally, he highlighted the analyst’s bullish stance on Bitcoin and recent tweets suggesting executives’ positive sentiments about approval, further deepening his confusion.
Moreover, Balchunas underscored the extensive experience he and James Seyffart have in closely monitoring the Bitcoin ETF issue over an extended period. While he acknowledged the possibility of rejection, he asserted that, based on substantial and reliable information, the current likelihood of approval stands at 90%.
Throughout the Bitcoin ETF application process, Balchunas and Seyffart have been consistently updating the public on developments related to the Bitcoin spot ETF for the US market. Their updates cover aspects such as meetings between applicants and the SEC, modifications to applications, updates to forms, and other pertinent information.
A decision by the SEC regarding Bitcoin spot ETF acceptance is expected on or around January 10.