Bloomberg Analyst Warns Against Misleading Bitcoin ETF Posts
Eric Balchunas, a renowned Bloomberg Exchange Traded Fund (ETF) Analyst recently took to the X platform to address a potentially misleading post about Bitcoin ETF.
The Misleading Bitcoin ETF Post
The post in question came from crypto investor Mike Alfred. The post reads;
“BREAKING: Several inside SEC sources are now confirming that the agency will attempt to create a level playing field for spot Bitcoin ETF applicants by ‘strategically leaking’ the planned approval date before Thanksgiving so that no one in the market can get a clear edge.”
While this news might excite many crypto enthusiasts, Balchunas cautioned against taking it at face value. In his post, he pointed out that the term “BREAKING” in Alfred’s post creates the impression of a significant development.
Balchunas also emphasized that the information had not been independently confirmed by Bloomberg or other reputable sources. He raised concerns about the lack of transparency regarding the inside sources cited by Alfred.
Balchunas’ warning serves as a valuable reminder that the crypto community should prioritize accurate information, transparency, and critical thinking. Misleading or unverified posts, even from seemingly reputable sources, can have real consequences in a market as volatile and dynamic as cryptocurrencies.
This Bitcoin ETF-focused fake news caused about $100 million in liquidation last month when an unverified publication from Cointelegraph said BlackRock’s Bitcoin ETF application had gained approval from the SEC.
As the industry continues to evolve, investors must exercise caution and rely on reliable sources to navigate this complex and rapidly changing ecosystem.
Expert Opinions on Likelihood of BTC ETF Approval
Different experts and figures in the industry have expressed varying opinions about the likelihood of US Securities and Exchange Commission (SEC) approval, creating a diverse landscape of predictions.
One of the optimists in this regard is Steven McClurg, the Chief Investment Officer of Valkyrie Investments. McClurg is confident that the SEC will greenlight a spot Bitcoin ETF before the end of November. He cites recent amendments to his firm’s spot Bitcoin ETF application as a sign that the SEC might be closer to approval.
Similarly, John E. Deaton, known for his advocacy on behalf of XRP holders, predicts that a Bitcoin ETF approval could occur “before the end of the year or certainly before the end of the 1st Quarter of 2024.”
On the other hand, not all experts share this optimism. John Reed Stark, a former SEC boss, presents a gloomy picture of the chances of a spot Bitcoin ETF receiving approval.
- Ripple Partners DBS, Franklin Templeton To Launch Trading And Lending Backed by RLUSD
- XRP, SHIB, HBAR Among 15 to Get Faster Crypto ETF Approval Under SEC’s New Rule
- ‘Great Progress’: Cardano Founder Shares Update After CLARITY Act Roundtable
- Jerome Powell Signals No Rush to Cut Rates, Bitcoin Falls
- FOMC Meeting: Fed Makes First Rate Cut of the Year, Lowers Rates by 25 Bps
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
- Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
- Pepe Coin Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
- XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 Next?
- SHIB Price Forecast: Taker Buys Lead as Developers Counter Shibarium Exploit
- Solana Price Set for a 25% Jump as Open Interest Nears a $20 Billion Milestone
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
