In response to recent speculation, Bloomberg Analyst Erich Balchunas has stated that there is nothing to indicate an impending Spot Bitcoin ETF rejection. Balchunas responded to the recent Matrixport report predicting a denial of all ETF applications. Specifically, he stated, “We have heard nothing to indicate anything but approval” for the investment product.
The speculation first arose when Matrixport’s Markus Theilen reported that a rejection was likely. Moreover, he cited the failure of applicants to meet “critical requirements” from the US Securities and Exchange Commission (SEC). However, Theilen’s report has gone against wider market expectations that approval is likely.
Bloomberg Analyst Still Expects Bitcoin ETF Approval Amid Speculation
Over the last few months, anticipation for Spot Bitcoin ETF approval has been at an all-time high. Indeed, the industry expected such an approval to occur within the first two weeks of the year. However, that quickly turned, as a report expressing the contrary led to a massive drop in Bitcoin’s value.
Just over the last 24 hours, Bitcoin has fallen as much as 9%, with more than $540 million in liquidations taking place. However, Bloomberg analyst Erich Balchunas has maintained his opinion that there is nothing to indicate an impending spot Bitcoin ETF rejection.
Balchunas and fellow Bloomberg analyst James Seyyfart have been at the forefront of Spot Bitcoin ETF reporting. Moreover, they have maintained their position on an approval set to arrive at some point next week. Additionally, Balchunas stated attempts to obtain sources that informed Matrixport’s report have had no avail to this point.
The report certainly goes against much of what the industry has expected over the last several months. With advertisements from several prospective issuers going live, and consistent S-1 filing amendments at the instruction of the SEC, the road to approval appeared clear. However, the speculation has undoubtedly had an impact on the market to this point.
by Joshua Ramos
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