Matrixport’s cautious stance on the approval of Bitcoin Spot ETFs (Exchange Traded Funds) by the SEC projects a potential rejection in January 2024. The statement suggests hedging long exposure due to SEC Chair Gensler’s skepticism towards cryptocurrencies. In the event of ETF denial, a forecasted -20% Bitcoin price drop is expected, despite a positive end-of-2024 outlook. This report briefly impacted the broader crypto market, with BTC and ETH experiencing a temporary downturn. However, Bloomberg ETF Analyst Eric Balchunas maintains an optimistic view, citing a high chance of approval, contrasting Matrixport’s perspective. (Source: Matrixport)