Wu Jihan Affirms ETF Results and Short-Term Fluctuations Will Not Impact BTC's Status

According to BlockBeats, on January 4, Wu Jihan clarified on social media that the Matrixport analysis report—suggesting the SEC won't approve the Bitcoin spot ETF—wasn't intended for mass dissemination. He emphasized that Matrixport's analysts operate independently, without management interference, expressing their own viewpoints based on their analytical skills. While Jihan admits that he, like many investors, only took a cursory glance at the report's title, he acknowledges Markus, the report's author, as a talented analyst. He points out that Matrixport accurately predicted Bitcoin's lows at the beginning of 2023 and maintained a strong bullish stance. However, Jihan clarified that this recent report was initially intended solely for Matrixport's clients. He added that how the report was spread widely is not in Matrixport's control. The company typically advises its clients to be cautious about risk and leverage, especially during volatile market conditions like those surrounding ETF expectations. In spite of recent volatility and expectations surrounding Bitcoin ETF approval in January 2024, Jihan maintains that short-term fluctuations won't impact Bitcoin's long-term outlook. He believes that, regardless of current turbulence, Bitcoin will continue to be dominant. Jihan personally regards the approval of spot ETFs by the SEC as inevitable, attracting new investment funds into Bitcoin and consolidating its role as an alternative store of value and hedge against risk, parallel to gold. The report by Matrixport forecasted that the SEC is likely to reject all Bitcoin spot ETF applications in January, due to all the applications failing to meet key criteria. The current SEC voting committee, mainly consisting of Democrats, reportedly may not approve a Bitcoin spot ETF, as this could legitimize Bitcoin as an alternate store of value. In this scenario, extensive liquidations could follow, potentially causing a quick 20% drop in Bitcoin prices. However, Matrixport's prediction also stated that, even if the ETF is vetoed, Bitcoin's price by the end of 2024 could still be higher than the $42,000 mark at the year's start. The report is commonly believed to have contributed to Bitcoin's rapid drop previously.