Jihan Wu, cofounder of Matrixport, clarifies that the release of the skeptical report on Bitcoin ETF approval was independent of Matrixport’s intentions.
In the context of a recent cryptocurrency market downturn, Jihan Wu, founder of Bitdeer and crypto financial services firm Matrixport, spoke out to clarify the situation surrounding the release of a Matrixport report. This report expressed skepticism about the approval of a Bitcoin Spot ETF in January and was widely circulated, coinciding with a significant drop in the price of Bitcoin.
Matrixport provides clarifications regarding the publication of its report
On January 3, the price of Bitcoin dropped over 10% to reach $40,800 before recovering some of its value. Jihan Wu stated that the widespread dissemination of the report was not planned by Matrixport and was beyond their control. He emphasized that Matrixport analysts operate independently and express their opinions without any influence or interference from management.
Matrixport’s long-term vision
The market reaction to the report’s publication was noteworthy, but Jihan Wu dismissed claims that this report alone was responsible for market volatility. Instead, he attributed price movements to high funding rates in Bitcoin perpetual markets and the recent pullback in cryptocurrency-related stocks. Wu maintains that despite the current volatility and potential uncertainty surrounding the approval of a Bitcoin ETF in January 2024, these events are ultimately of little significance in the larger history and future prospects of Bitcoin.
Jihan Wu remains optimistic about the future, suggesting that the approval of a Bitcoin Spot ETF by the SEC, which would attract new investments into Bitcoin, is inevitable.
