Bloomberg Analyst Provides Insights
Bloomberg ETF research analyst James Seyffart recently addressed the Crypto Twitter buzz regarding the imminent approval of spot Bitcoin ETFs. Contrary to the rumours circulating, Seyffart expressed scepticism about the Securities and Exchange Commission giving the green light tomorrow. Instead, he proposed a time frame for potential approval.
Matrixport’s Impact on Market
Earlier this week, Matrixport’s report cast doubt on the SEC’s likelihood of approving spot Bitcoin ETFs in January. This unexpected revelation was thought to trigger a 7% Bitcoin crash, eroding the $45,000 level.
Subsequently, traders faced a wave of liquidations totalling $730 million, predominantly in Bitcoin and Ethereum positions, as they sought to safeguard their assets amid the market turbulence.
Lark Davis’s Perspective
Crypto influencer Lark Davis provided an alternative viewpoint, asserting that Bitcoin’s journey to a new all-time high (ATH) does not hinge on ETF approval. Emphasizing Bitcoin’s previous peak at $69,000 without a U.S. BTC ETF or widespread institutional endorsement, Davis stressed Bitcoin’s ability to thrive independently.
He stated, “Bitcoin reached $69,000 without a USA BTC ETF. Without every institutional sales team pushing it to their clients. Without a Hong Kong ETF. Without fair accounting rules.” Davis remains optimistic about Bitcoin’s potential to achieve a $10 trillion market capitalization value without the immediate need for ETF validation.
Hot Take: Accurate Predictions and Bitcoin’s Resilience
The anticipation surrounding Bitcoin ETF approval persists, with Seyffart providing a nuanced timeline and Davis emphasizing Bitcoin’s resilience beyond regulatory nods. The immediate future of spot Bitcoin ETFs remains uncertain, and the market awaits further developments.
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