Bloomberg analyst Eric Balchuna questioned the veracity of a Matrixport report claiming that the Securities and Exchange Commission (SEC) could reject several pending applications for a spot Bitcoin ETF.
“At this point, if the SEC rejects it, it’s not just contradicting it James Seyffart and I like that it was in the early days, now you’re basically saying that multiple mainstream news reporters with multiple sources are wrong about this too. I’m not saying it’s impossible (again, we’re still ‘only’ at 90%), but it throws out a LOT of good information,” says Balchunas. said.
Balchunas argued that there was no concrete information supporting the speculated denials and questioned the basis of the prediction. The analyst wondered whether the claim was based on information from insider sources within the applicants, the SEC, or whether it was merely the personal opinion of Markus Thielen, the head of research at Matrixport.
Earlier today, Digital Asset Management Matrixport said it expects a likely rejection of pending ETF applications from the financial regulator for several reasons, including SEC Chairman Gary Gensler’s anti-crypto stance.
The report has since grown steep criticism from the crypto community, questioning the report’s basis for the report.
Long traders lose more than €500 million
Meanwhile, news of a possible SEC rejection of the ETF applications caused a sharp drop in the price of BTC, as traders betting on further price increases lost more than $500 million in four hours, according to CoinGlass. facts.
During the period, BTC’s price suddenly fell to a low of $41,500 after rising above $45,000. The flagship price has recovered slightly to $43,289 at the time of writing.
CryptoSlate Insight noted that the steep losses indicated bullish sentiment among traders, who unexpectedly felt the brunt of BTC’s sudden price drop.
Traders speculating on the Bitcoin price contributed to about $160 million of these losses, followed by speculators on the Ethereum price who lost nearly $110 million.
The post from Bloomberg analyst asks about possible rejection of Matrixports Bitcoin ETF and first appeared on CryptoSlate.