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- Renowned Bloomberg Exchange Traded Fund (ETF) analyst Eric Balchunas used the X platform to draw attention to a misleading article about the spot Bitcoin ETF.
- Balchunas’ warning serves as a valuable reminder that the crypto community should prioritize accurate information, transparency, and critical thinking.
- John E. Deaton, known for defending XRP holders, predicts that approval of a Bitcoin ETF could happen “before the end of the year or by the end of the first quarter of 2024.”
Famous Bloomberg Exchange Traded Fund (ETF) Analyst Eric Balchunas drew attention to the news about spot Bitcoin ETFs: Investors should be careful!
ETF Analyst Highlights Bitcoin ETF News
Renowned Bloomberg Exchange Traded Fund (ETF) Analyst Eric Balchunas drew attention to a misleading article about the spot Bitcoin ETF using the X platform. The article in question was shared by crypto investor Mike Alfred and contained the following statement:
“LAST MINUTE: A few sources within the SEC confirm they will strategically leak approval dates for spot Bitcoin ETF applications before Thanksgiving to avoid everyone in the market gaining a clear advantage.”
While this news might excite many crypto enthusiasts, Balchunas cautioned that it should not be taken as fact. In his article, he emphasized that the “LAST MINUTE” wording in Alfred’s piece created the impression of a significant development.
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Balchunas also noted that this information had not been independently verified by Bloomberg or other reputable sources. He highlighted the lack of transparency regarding the internal sources quoted by Alfred.
Balchunas’ warning serves as a valuable reminder that the crypto community should prioritize accurate information, transparency, and critical thinking. Misleading or unverified articles coming from seemingly reputable sources can lead to real consequences in a volatile and dynamic market like cryptocurrencies.
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This fake news about a Bitcoin ETF was implicated in liquidations of approximately $100 million last month after a media outlet stated that BlackRock’s Bitcoin ETF application had not received approval. As the industry evolves, investors should rely on reliable sources and exercise caution when navigating this complex and rapidly changing ecosystem.
Expert Opinions on the Likelihood of BTC ETF Approval
Various experts and figures in the industry have expressed different views and formed a diverse landscape of predictions regarding the possibility of approval by the U.S. Securities and Exchange Commission (SEC).
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One of the optimists on this matter is Steven McClurg, Chief Investment Officer of Valkyrie Investments. McClurg is confident that the SEC will approve a spot Bitcoin ETF by the end of November. He views recent changes made to his firm’s spot Bitcoin ETF application as a sign that it could be closer to approval.
Similarly, John E. Deaton, known for defending XRP holders, predicts that approval of a Bitcoin ETF could happen “before the end of the year or by the end of the first quarter of 2024.” However, not all experts share this optimism. Former SEC Chairman John Reed Stark paints a bleak picture regarding the chances of approval for a spot Bitcoin ETF.
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