Matrixport founder says distribution of Bitcoin ETF report was ‘beyond our control’
Jihan Wu, founder of Bitcoin mining company Bitdir and crypto financial services firm Matrixport, said the widespread dissemination of the Bitcoin Exchange Traded Fund (ETF) report was “unplanned by Matrixport and beyond our control.”
On January 3, the price of Bitcoin (BTC) fell more than 10% to $40,800 before recovering. The price action coincided with the release of a Matrixport report to clients, and analysts have suggested that the Bitcoin spot ETF proposal, which is widely believed to be on track for regulatory approval, will be rejected by the US Securities and Exchange Commission this month. Matrixport researchers said:
“The current leadership of the five-person voting commissioners for SEC approval is dominated by Democrats. SEC Chairman Gensler is not accepting crypto in the US, and it would be a long shot to even expect him to vote to approve Bitcoin Spot ETFs.”
In response to continued market volatility, Wu said that Matrixport analysts “work independently, expressing their opinions without any influence or interference from the manager.” The founder disputed claims that the Matrixport report had damaged Bitcoin's value, instead attributing the price action to “higher funding charges” in Bitcoin's perpetual markets and a recent pullback in crypto-related stocks.
“Looking at Bitcoin's history and future prospects, the current volatility and uncertainty of the Bitcoin ETF in January 2024 are ultimately irrelevant,” Wu said. “In my opinion, SEC approval of a Spot ETF that will attract new investment into Bitcoin is inevitable.”
Matrixport analysts work independently, expressing their opinions without any influence or interference from management. They were hired for their superior analytical skills compared to me and the rest of the management team. I have briefly looked at the title of the report,…
— Jihan Wu (@JihanWu) January 3, 2024
Related: Bitcoin ETF Rejection Report Did Not Cause 8% BTC Price Fall – Analysis