Matrixport Analyst Predicts SEC Will Not Approve Bitcoin ETFs This Month

According to Matrixport analyst Markus Thielen, there is little chance that the US Securities and Exchange Commission (SEC) will approve applications to launch a spot Bitcoin ETF in January.

Despite efforts by companies to meet with the SEC and update their documents, Thielen believes that the current applications do not meet the requirements.

However, Thielen is optimistic that new products can contribute to the growth of the crypto industry.

But SEC Chairman Gary Gensler’s firm stance against cryptocurrencies means stricter regulations are likely needed.

In fact, Thielen predicts that the SEC will reject all proposals for spot Bitcoin ETFs in January, and it may not happen until the second quarter of 2024.

If the SEC does not approve the ETF this month, there could be a significant liquidation of “multi-billion-dollar” positions in Bitcoin-based contracts.