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.