While the prospect of a Spot Bitcoin ETF approval ignites a whirlwind of reactions, Bloomberg’s Eric Balchunas has clapped back at contradictory statements and rejection rumors. Balchunas replied to crypto analyst Markus Thielen’s tweet about a “contrarian stance” predicting a possible rejection of all the Bitcoin ETF applications.
The SEC May Reject All ETF Applications If They Don’t Catch Up to a Crucial Requirement
Amidst the industry-wide anticipation of a positive outcome on the BTC ETF applications, Markus Thielen of 10xresearch.co begs to differ.
“Despite the widespread anticipation of SEC approval, our contrarian stance asserts that all proposals must catch up to a crucial requirement, possibly leading to rejection for ALL Bitcoin Spot ETF applicants in January,” wrote Thielen.
Balchunas replied to Thielen’s tweet, trying to ascertain whether Thielen based his prediction off a trusted or inside source, or even the SEC itself.
“Hi Markus saw the “rejection” prediction just curious are you basing this off any sourcing (eg issuers or inside the SEC) or is it more just your opinion/take on things? Thanks,” said Balchunas.
Balchunas also stated that he’s heard nothing indicative of anything but approval. According to him, Thielen seemed to be pro- Bitcoin-ETF-approval, but changed his stance on the ETF approval all of a sudden.
“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 “executives” said approval likely. So unsure why he flipped.”
The renowned Bloomberg ETF analyst also took a swipe at Matrixport in another tweet citing the crypto platform’s conflicting statements on spot ETF approval and rejection – all within the same day (Jan. 2). Matrixport made two posts – “Bitcoin Spot ETF approval imminent, BTC to jump to $50,000” and “Why the SEC will REJECT Bitcoin Spot ETFs Again ” which have raised so much speculation in the industry.
Reacting to the contradictory statements, Balchunas said;
“Looks like the Matrix Report took both the blue pill and the red pill..”
BTC crashed from 45K to 40K in just two hours today based on rumors of possible spot ETF rejections. The king of cryptocurrencies is gradually retracing its way up and currently at $42,500 as of this writing.