Matrixport analyst Markus Thielen said the Securities and Exchange Commission will likely reject all bitcoin spot ETF proposals this month. He argued the applications still fall short of a critical requirement that must be met before the SEC can approve them. This has caused a sharp market selloff that caught a lot of investors off guard.
There’s a lot of anger as Matrixport is pretty unheard of in the industry. I’ve seen a lot of post calling for manipulation ahead of an actual approval.
Thielen based his perspective on the political dynamics and compliance concerns. The analyst argued that while an ETF would help enable crypto to take off in the U.S., the SEC chair still sees the industry as needing more stringent controls. I don’t necessarily disagree as I personally believe Gary the SEC chair does have a personal vendetta against the crypto space. I have nothing against writing this opinion, but I do find it unbelievable that this is how the market reacts from what I would call small news.
BTC is trying to find a base and for those with a higher risk tolerance these prices might be a good entry knowing there could be more downside as shown by this market reaction.
