Matrixport analyst’s viewpoint causes market turmoil, with some communities pointing to Bitmain and Matrixport co-founder Wu Jihan’s motives. Wu Jihan personally responded to people’s doubts.
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Matrixport analyst: Expect ETF to be rejected in January, Bitcoin falls to 36K~38K
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Wu Jihan: Analysts operate independently, not influenced
Wu Jihan stated:
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Matrixport’s analysts operate independently, and their expressed viewpoints are not influenced or interfered with by management. They are hired for their superior analytical abilities compared to me and other members of the management team. Like many of you, I simply skimmed through the headlines of this report.
Marcus, a talented analyst, wrote the book “Crypto Titans” last year, which vividly describes the price history of cryptocurrencies. His book provides a detailed account of certain events, sometimes even clearer than my own memory, despite some events causing personal financial losses for me.
Looking back at history, in early 2023, Matrixport was one of the few institutions accurately predicting the Bitcoin bottom and maintaining an extremely bullish attitude.
This latest report was prepared for Matrixport’s clients. However, it has been widely disseminated by the media and is beyond our control.
To the best of my knowledge, Matrixport has consistently reminded clients to be aware of risks and leverage, especially considering the potential volatility sparked by expectations surrounding Exchange Traded Funds (ETFs) in recent times. This volatility has been evident in the high funding costs in perpetual markets and the decline of cryptocurrency-related stocks in the two trading days prior to today.
From the perspective of Bitcoin’s history and its future prospects, the current volatility and the uncertainty surrounding the approval of Bitcoin ETFs in January 2024 are ultimately inconsequential.
In the long run, Bitcoin will always prevail. In my opinion, the approval of a spot ETF by the U.S. Securities and Exchange Commission (SEC) is inevitable, which will attract new investment capital into Bitcoin. Bitcoin is attempting to establish itself as a better store of value and a hedge against risk compared to gold.
Matrixport
Wu Jihan
Further reading
Bitcoin ETFs will not be approved? Cryptocurrency market suffers nearly 600 million in losses
Matrixport analyst: Expect ETF to be rejected in January, Bitcoin falls to 36K~38K