According to Markus Thielen of Matrixport, Bitcoin Spot ETFs are expected to be rejected this week by the SEC.
A contrarian prediction for spot Bitcoin ETFs
While Markus Thielen predicted a Bitcoin pump until 57k dollars Until the “probable” approval of spot Bitcoin ETFs by the SEC, new elements pushed him to review his judgment.
Indeed, according to a press release reported by TheBlock, Markus Thielen turns all industry predictions on their head by citing a lack of compliance of ETF applications. While the requests were renewed last month by all major applicants, including BlackRock, Markus says these new demands “do not still do not meet a critical requirement”.
“SEC Chairman Gensler is not embracing crypto in the United States, and it might even be very difficult to expect him to vote to approve Bitcoin spot ETFs. This could be achieved by the second quarter of 2024, but we expect the SEC to reject all proposals in January.” Thielen reportedly wrote according to TheBlock.
However, in a report published on January 1, Markus Thielen said he remained still bullish on Bitcoin and the industry for 2024. In particular, he predicted a Bitcoin 50k dollars before the deadline of January 10 for approval or not by the SEC.
A rumor that brings down the market and the price of Bitcoin
🚀 The Potential Ramifications if SEC Rejects Bitcoin Spot ETFs Next Weekhttps://t.co/T9oVE6bvoW pic.twitter.com/TQkb5qpGjt
— 10x Research (@10x_Research) January 3, 2024
As a result of these SEC rejection rumors, Bitcoin fell -6%to finally go down to $42,000. TheBlock’s declaration and publication therefore did not take long to provoke a reaction from experts, including Eric Balchunas.
People tagging me like crazy on this “rejection” report. We have heard nothing to indicate anything but approval but I want to give the guy benefit of doubt so I’m asking if he has any sources or if he just speculating. He seems to be bitcoin bull and recently tweeted… https://t.co/KV7k4NXtba
— Eric Balchunas (@EricBalchunas) January 3, 2024
“People are tagging me like crazy on this “rejection” report. We haven’t heard anything that indicates anything other than approval, but I want to give this gentleman the benefit of the doubt, so I ask him if he has sources or if he’s just speculating. He appears to be a Bitcoin bull and recently tweeted that “leaders” said approval was likely. So I don’t know why he turned around.” declares Eric Blachunas on X in response to Markus’ tweet.
What Markus Thielen did simply answered : “no I changed my mind”.
Looks like the Matrix Report took both the blue pill and the red pill.. https://t.co/1VpA7t2vq6
— Eric Balchunas (@EricBalchunas) January 3, 2024
As a reminder, Gary Gensler had told CNBC at the end of the year that the crypto industry was “full of fraud from bad people with bad intentions”. However, Matrixport does indeed have double talk. This incomprehension leaves room for doubt accompanied by a wind of FUD around these approvals.
Source: TheBlock
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