Another attempt at Bitcoin ETF..You knew it was coming once BTC raised above ATH

[rdbase]

A statement from one of the founders of Matrixport who happened to be a well known person in bitcoin @JihanWu:
"Matrixport's analysts operate independently, expressing their opinions without any influence or interference from management. They are employed for their superior analytical skills compared to mine and other management team. I have only briefly glanced at the title of the report, as have many of you.

Markus, a talented analyst, authored "Crypto Titans" last year, detailing the price history of cryptocurrencies. His book vividly recounts events, sometimes more clearly than my own memories, even in instances where I incurred financial losses.

At the outset of 2023, Matrixport was among the few who accurately predicted Bitcoin's low point and maintained an extremely bullish stance.

As intended, this recent report was prepared for Matrixport's clients. However, its wide spread by the media was not planned by Matrixport and is beyond our control.

As far as I know, Matrixport has been consistently advising our clients to be mindful of risks and leverage, especially given the market's volatility spurred by expectations surrounding Exchange-Traded Funds (ETFs). This volatility is evident in the perpetual market's high funding fees and the recent decline in crypto-related stocks in the stock market over the past two trading days before today.

Looking at Bitcoin's history and its future prospects, the current volatility and the potential approval uncertainty of a Bitcoin ETF in January 2024 are ultimately of no importance. In the long term, Bitcoin will always prevail. In my opinion, the approval of a Spot ETF by SEC, which will attract fresh investment into Bitcoin, is inevitable. Bitcoin is poised to solidify its position as a store of value and a risk-hedging asset akin to be better than gold."
source: https://twitter.com/JihanWu/status/1742577001633026365

For those who don't know who this person is. He is the one with Roger Ver condoned Bitcoin SV & Bitcoin Cash:
https://www.financemagnates.com/cryptocurrency/news/whale-attack-jihan-wu-of-bitmain-may-unload-his-satoshi-vision-coins

So all in all, this speculation on not having a spot ETF approval in the month of January was just that, speculation without having their analysts doing any fact checking on the situation causing the red on the bitcoin markets when the news was released earlier yesterday.

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[rohang]

A statement from one of the founders of Matrixport who happened to be a well known person in bitcoin @JihanWu:
"Matrixport's analysts operate independently, expressing their opinions without any influence or interference from management. They are employed for their superior analytical skills compared to mine and other management team. I have only briefly glanced at the title of the report, as have many of you.

Here is the link for full article-

https://dailycoin.com/crypto-crash-beyond-our-control-says-matrixports-wu/

They are insisting it was not an attempt to manipulate the market, i find it hard to believe they didnt expect this to happen.
However as the article says the (perhaps exaggerated) reaction to a single analyst report is not good for crypto markets and investors alike.

[rdbase]

That is the one I was referring too @rohang

You might also remember him as the one with the now famous line from a tweet awhile ago too:
https://www.reddit.com/r/Bitcoin/comments/60xi1i/jihan_wu_cofounder_of_bitmain_studied_economics
the tweet had since been deleted from which it was posted in 2017
https://twitter.com/jihanwu/status/731902686379933697

[rdbase]

What is this It will be approved, it won't be, it will be tomorrow.. BS?!
They will or they won't before next week is done January 10th was the settle date to have it done with.

This is how it is looking right now. Wake up!

https://twitter.com/CryptoYapper/status/1743215764163731659

[LSDadventure]

That is the one I was referring too @rohang

You might also remember him as the one with the now famous line from a tweet awhile ago too:
https://www.reddit.com/r/Bitcoin/comments/60xi1i/jihan_wu_cofounder_of_bitmain_studied_economics
the tweet had since been deleted from which it was posted in 2017
https://twitter.com/jihanwu/status/731902686379933697

Jihan Wu is a man behind Bitman and he supported a scam team with Roger Verr, Craig Wright who want to be recognized by community and government as Satoshi Nakamoto.

I don't trust this man.

Also Wu wiped out his engagement in any report from his company Matrixport by saying that the company has many departments and many staffs who are responsible for collecting information, writing reports. He is not responsible for it and not engaged in approvals of those reports before publishing.

[tread93]

There were three more ETFs waiting for approval from the senate.
This time one of them have to go through since bitcoin has raised in price by 10 fold since the last time they were looking at them.
And the economic situation has changed so drastically with the collapsing of the debt ceiling.

Honestly they seriously can't delay their decision much longer can they? I'm sure IF an ETF gets approved it will have both good and bad implications. I am mostly leaning more towards them being good and positive effects overall. One can only hope! There has certainly been a lot that has happened in the world to your point since they last looked at this.

[rdbase]

That is the one I was referring too @rohang

You might also remember him as the one with the now famous line from a tweet awhile ago too:
https://www.reddit.com/r/Bitcoin/comments/60xi1i/jihan_wu_cofounder_of_bitmain_studied_economics
the tweet had since been deleted from which it was posted in 2017
https://twitter.com/jihanwu/status/731902686379933697

Jihan Wu is a man behind Bitman and he supported a scam team with Roger Verr, Craig Wright who want to be recognized by community and government as Satoshi Nakamoto.

I don't trust this man.

Also Wu wiped out his engagement in any report from his company Matrixport by saying that the company has many departments and many staffs who are responsible for collecting information, writing reports. He is not responsible for it and not engaged in approvals of those reports before publishing.

He does make himself look like a puppetmaster of sorts. From all his under the table dealings of the past and with bitmain the mining company on top of all their history in the space.
I don't even think his partner Mr. Ver fully trusted him either. And Mr. Wright, well, let's just keep this thread on topic shall we?

Yes @tread93 most certainly to the fullest extent would be agreeing with you on this statement you had pointed out! And the cryptocurrency environment has most certainly changed since this very thread had been created as I might point out aswell.

Here is the latest news about the fee structure they intend to imply once the approval process has been concluded. Some say as soon as tomorrow which was the next deadline many are hoping to close this journey towards institutional adoption of bitcoin:

Source from Reuters: https://www.reuters.com/technology/companies-disclose-expected-fees-spot-bitcoin-etfs-ahead-sec-decision-2024-01-08

[rdbase]

They found the hacker:

https://twitter.com/CryptoTHFC/status/1744853343275552987

This so called crypto influencer has been at SEC headquarters since Monday and last time I heard was camping out infront of their building in protest as you all can see from his sign, until someone from the SEC comes to meet with him or the BTC spot ETF is approved.
At this rate he will be there til next week.

[rohang]

Bitcoin Magazine on X: "JUST IN: VanEck releases new spot #Bitcoin ETF commercial. "Bitcoin may help guard against the government devaluing your money." 👀



https://twitter.com/BitcoinMagazine/status/1745473575912415622

[Reid]

Finally!!!

https://x.com/Cainewei/status/1745188610712678651?s=20
Bitcoin ETF supporters can finally slow down now. This is the start, the spark, and I think there will be more coming this year.
I always think it will happen, I am very optimistic too but I was surprised it was approved this early. I thought the SEC would still try to lengthen the process and make all Bitcoin ETF supporters drool while waiting for the approval. I guess they could not take all the hype that is going on social media.
It had been the talk for months ever since that fake news about the approval came out last year.

Here's a good read from CNBC for those who likes to understand how it will affect the market and what it will mean for investors.
https://www.cnbc.com/2024/01/11/heres-what-a-bitcoin-etf-actually-means-for-investors.html

The actual approval Wednesday marked a massive step for the cryptocurrency, as it will give investors increased ways to gain exposure to the token — not just from holding it directly, but via existing financial instruments that trade on a regulated stock exchange.

A nice day to celebrate the good news.

[rdbase]

After all the dust has settled here are those fund managers from the companies which had their applications approved by the SEC to begin trading their BTC Spot ETFs on the market late last week:
Firstly lets get this out of the way - Bitcoin When Go To Moon anthem: https://www.youtube.com/watch?v=8rGuH0vBLLs


Galaxy Digital's Michael Novogratz on bitcoin ETFs: An amazing product for consumers & institutions
https://www.youtube.com/watch?v=CoFM8TUZ6J0

Grayscale CEO Michael Sonnenshein on bitcoin ETF approval: The culmination of 10 years of work
https://www.youtube.com/watch?v=GOOzszrxC3A

BlackRock CEO Larry Fink: Bitcoin ETF approvals are 'stepping stones' towards tokenization
https://www.youtube.com/watch?v=se1bcqMYg8g

ARK Invest CEO Cathie Wood: Our base case for bitcoin is $600,000, bull case $1.5 million by 2030
https://www.youtube.com/watch?v=K5NB8MHe3Nw

Also the biggest Bitcoin and Crypto-related exchange in the United States has his response to what this new spot ETF means to cryptocurrency in the future:

Coinbase CEO Brian Armstrong on SEC ETF decision: We'll see new pools of capital come into bitcoin
https://www.youtube.com/watch?v=Ml5DSW5xoL0

And lastly we have the head of the SEC Gary Gensler post approval and what he has to say about his struggles on getting this  finally done
SEC Chair Gensler on bitcoin ETF approval: The underlying asset is highly speculative and volatile
https://www.youtube.com/watch?v=kXZyoVatAX4

All the above are sourced from CNBC Television's youtube channel.

[rdbase]

You just knew BTC would rise when Cramer says it is going to zero and it is for suckers post spot ETF approval.

https://twitter.com/RobinSeyr/status/1750995995020697729

Even an Inverse Cramer X account noticed the bounce from $39k to $43k since he mentioned it on his show:
https://twitter.com/CramerTracker/status/1752051173807264120

[Reid]

You just knew BTC would rise when Cramer says it is going to zero and it is for suckers post spot ETF approval.

https://twitter.com/RobinSeyr/status/1750995995020697729

Even an Inverse Cramer X account noticed the bounce from $39k to $43k since he mentioned it on his show:
https://twitter.com/CramerTracker/status/1752051173807264120

That dude is always angry.
From $39k to $44k. I think it did well. Now, I want to see more of this Bitcoin ETF's being approved and I bet it will increase more.

I bumped into this while looking for more news.
Spot Bitcoin ETFs Record Nine Consecutive Days of Inflow, Fidelity Leads
https://www.coinspeaker.com/spot-bitcoin-etfs-nine-days-inflow-fidelity/

BlackRock and Fidelity continues to see inflows for their spot Bitcoin ETFs eating the market share from Grayscale as GBTC continues to bleed amid high management fees.

On February 7, the spot Bitcoin ETF products recorded their ninth straight day of net positive inflows. As per data from Farside Investors, yesterday’s inflow was the highest for the month of February so far, at a hefty $145 million. Interestingly, this also coincides with Bitcoin’s 4% price rally to $44,500.

This is indeed good news and the competition is healthy.
Blackrock and Fidelity are now on the lead when it comes to inflows, Grayscale in trouble although the outflows are slowing down.

[rdbase]

The biggest rally in the price of bitcoin happened since 2022 and it seems it was attributed to just that: Inflows from the BTC spot ETF many in the financial sector are pointing to the recent spark from $42,500 to $47,500 in the past 48 hours.

https://dailyhodl.com/2024/02/08/bernstein-analysts-say-bitcoin-will-explode-to-new-all-time-highs-on-etf-fueled-rallies-report

[rdbase]

Very interesting post done by the ECB (European Central Bank) today.

https://twitter.com/ecb/status/1760580254920212640

With over 2 million views since it was posted earlier today.
You would be sure there were some responses from the bitcoin community on this statement.

Such as this one:

https://twitter.com/Beetcoin/status/1760644237102666060

[rdbase]

With bitcoin reaching $59,000 which was an increase of 11% in just the past 48 hours many believe it has been due to the amount in the bitcoin spot ETFs in each of the company holdings:



https://twitter.com/therationalroot/status/1762415812441207184

[rdbase]

Vanguard's CEO announced he would be stepping down at the end of the year.
Many have speculated the decision was based on the company not joining the other major investment corporations in the bitcoin spot ETF with this missed opportunity for their customers.

https://www.altcoinbuzz.io/cryptocurrency-news/vanguard-ceo-steps-down-after-bitcoin-etf-row

[rdbase]

It has been a rather interesting past few months when the spot ETF was approved for bitcoin.
We had seen it reach all time highs of over $73,337 on some exchanges then plumet down to $63,600 from what we just seen it do yesterday.

This is a good article to see what the bitcoin halving will do with these inflows and outflows and how it will affect the price in the coming month when it actually does occur:
https://bitcoinmagazine.com/markets/impending-halving-creates-chaos-and-opportunity-in-bitcoin-market

[rdbase]

Another article which discusses in the year all those bitcoin spot etf were released would cause bitcoin not to be as bullish in the past years the halving had occurred:
https://www.coindesk.com/markets/2024/04/05/did-strong-bitcoin-etf-demand-kill-halvings-potential-bullish-rally

All the sell-offs caused by the grayscale bitcoin spot etf outflows did drag it back down under the key market price the last several weeks.

[Reid]

Another article which discusses in the year all those bitcoin spot etf were released would cause bitcoin not to be as bullish in the past years the halving had occurred:
https://www.coindesk.com/markets/2024/04/05/did-strong-bitcoin-etf-demand-kill-halvings-potential-bullish-rally

All the sell-offs caused by the grayscale bitcoin spot etf outflows did drag it back down under the key market price the last several weeks.

I don't know. I am not expecting a lot of impact in this years halving because that is likely to happen just like most of the halving before. But give it months or a year and we will probably see a sudden pump to the Bitcoin market as they feel how the halving will affect everything. It needs to be marinated.

It's true that the ETF's entry made a big boosts to the value of Bitcoin but still, we cannot tell what will happen in the future or what the halving's effect will be. This is just a speculation and the hype will probably calm down soon.
Long-term I believe ETF is great for Bitcoin but so is the halving. It would not be in this position if the past halving didn't happen.