Rejection of Spot Bitcoin ETFs
Despite speculations about the potential rejection of spot Bitcoin ETFs, senior Bloomberg ETF analyst Erich Balchunas remains optimistic, dismissing negative assumptions as unfounded.
Contrary to a Matrixport report suggesting a possible SEC rejection of all ETF applications, Balchunas asserts there is no credible evidence supporting such claims.
ArkInvest Application on the Horizon
The ArkInvest spot Bitcoin ETF application is expected to be approved or rejected between January 5 and January 10, causing market concerns to spike. Matrixport’s report deviates from the consensus, citing failure to meet SEC requirements as grounds for a probable rejection.
Balchunas counters these concerns, highlighting the lack of strong, reliable sources or evidence in Matrixport’s report. Despite a recent 9% drop in Bitcoin prices resulting in over $540 million in liquidations, Balchunas maintains his expectation of approval.
Current Landscape and Market Inflows
Since September 2023, $14 billion has been deployed into crypto, triggered by market expectations for ETF approval. The report warns of cascading liquidations and a potential 20% drop in Bitcoin values if the SEC rejects a Bitcoin ETF.
Balchunas Stands Firm Amidst Conflicting Reports
Conflicting reports have heightened market anxiety, but expectations for spot Bitcoin ETF approval remain high. Bloomberg’s Erich Balchunas stands firm, emphasizing the lack of evidence supporting the contrary view.
Hot Take: ETF Approval Remains Likely Despite Market Concerns
Amidst market anxieties, the anticipation for spot Bitcoin ETF approval remains intact, with Balchunas’ unwavering optimism in the face of conflicting reports and price fluctuations.
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