Bitcoin fell from $45,320 to a low of $40,626, and Matrixport’s analysis report was considered one of the reasons for the decline. Matrixport co-founder Wu Jihan responded to this event multiple times.
Timeline of Matrixport Events:
1/3|18:32: Matrixport tweeted the release of the analysis report.
1/3|18:35: BTC started to decline.
1/3|21:19: Bloomberg analyst: No signs of rejection.
1/3|21:23: Community criticism.
1/4|12:01: Wu Jihan responded: Analyst operates independently.
1/4|02:53: Wu Jihan: A report will not cause a flash crash.
1/4|06:14: Wu Jihan: Matrixport is not responsible for the market crash.
What were the bearish reasons of Matrixport analysts?
Timeline of Matrixport Events:
Title: “Why SEC Will Reject Bitcoin Spot ETF Again.”
1/3|18:35: BTC started to decline.
Bitcoin fell from $45,320 to a low of $40,626 around 20:05, with a decline of approximately -9.93%.
1/3|21:19: Bloomberg analyst: No signs of rejection.
Bloomberg ETF analyst Eric Balchunas stated that everyone marked him in this “rejection” report. He said, “We haven’t seen any signs other than approval.” Eric Balchunas also asked if there was a source for this claim or if it was just speculation.
1/3|21:23: Community criticism.
@BTC_Archive pointed out that Matrixport released two analysis reports on the same day with completely opposite predictions. However, the bullish report by Matrixport was actually released on January 2nd, not on the same day as claimed by @BTC_Archive. This was continuously mocked by the community, stating that both bullish and bearish predictions were made, so they can’t be wrong.
1/4|12:01: Wu Jihan responded: Analyst operates independently.
Wu Jihan posted in the evening, stating that although he believes the ETF is destined to be approved, he still supports analyst Markus Thielen and mentioned that the analysis report is intended for Matrixport users, and its widespread media coverage is beyond Matrixport’s plan and control.
Wu Jihan: A report will not cause a flash crash.
Wu Jihan posted again in the early morning, stating that Matrixport’s headquarters is located in Asia, with a flight time of over 17 hours from New York, so there can’t be any insider information. Instead of blaming the crash on the report, he suggested understanding the analyst’s perspective. He mentioned that Markus Thielen is just one of the collaborating analysts, and readers should take responsibility for their own trading choices.
Wu Jihan: Matrixport is not responsible for the market crash.
Wu Jihan emphasized that Markus Thielen did not release two opposite predictions on the same day, but rather had different views on two different days. He mentioned that adjusting viewpoints rapidly should be seen as a capability and advantage. He pointed out that the accuracy of the report can be revisited later:
– Short term: Markus suggested users buy put options, and this advice has proven to be correct.
– Medium term: Observe whether the SEC will reject Bitcoin spot ETF by the end of January.
– Long term: Smart investors will observe whether BTC will exceed the starting price of $42,000 in 2024, as predicted in the report.
Wu Jihan ended by sincerely wishing everyone prosperity and emphasized that Matrixport will not interfere with the analysts in the future.
What were the bearish reasons of Matrixport analysts?
According to previous reports, the bearish reasons include:
– The SEC’s voting committee, consisting of five members, is dominated by Democrats.
– Democrats do not like “cryptocurrencies.”
– None of the applications have met a key requirement for SEC approval.
– From a political perspective, there is no reason to approve a Bitcoin spot ETF and legalize Bitcoin in another form.
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