Spot Bitcoin ETF Debate Heats Up: 'We Have Heard Nothing To Indicate Anything But Approval'

As uncertainty swirled around the crypto markets over potential delays to a Spot Bitcoin ETF approval, various industry figures weighed in with positive outlooks.

What Happened:  On Wednesday, Matrixport said the SEC was likely to push back a Spot Bitcoin ETF approval until the second quarter of 2024.

However, co-founder of Bitmain and Matrixport Jihan Wu later clarified: “Matrixport analysts operate independently, expressing their opinions without any influence or interference from management.”

Bloomberg Senior ETF Analyst Eric Balchunas pushed back, saying, “People tagging me like crazy on this 'rejection' report. We have heard nothing to indicate anything but approval.”

Balchunas questioned Matrixport analyst Markus Thielen about whether he came to his conclusion from information provided by SEC sources or his analysis. Thielen responded, stating, "My report is not based on issuer, nor on SEC insider comments. Obviously this is massively out of consensus. I do think the SEC will vote it down."

Balchunas added that delays or denials are not usually done in this manner, and that finalized 19b-4 filings signal imminent approval.

Positive About Approval: Entrepreneur Walter Bloomberg tweeted that the Nasdaq will meet the SEC on Wednesday to discuss spot Bitcoin ETFs. Citing Fox News, he said the meeting was to finalize comments on 19b-4 filings from issuers.

Crypto trader Shardi B stated on X: “I have spoken directly with one of the $BTC ETF issuers CEO's. They believe they are 100% getting the approval. Just their opinion I guess.”

MetaLawMan tweeted: “If the SEC were to deny all spot $BTC ETFs, the applicants would immediately sue and the D.C. Court of Appeals would again rule that the SEC was 'arbitrary & capricious.' The SEC gave every reason they had for denying Grayscale—and lost. I expect multiple approvals on Jan. 10.”

A crypto Vlogger said, “I’m sure BTC ETF approval should happen any moment! We are in good hands.”

Price Action: Bitcoin BTC/USD dropped 4.8% over 24 hours, and was down 1.1% over the past week, as uncertainty rippled through crypto markets.

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