Matrixport: The main reason the SEC may reject the approval of the ETF is the lack of a large-scale monitoring sharing agreement that represents the global BTC trading market

ChainCatcher news, digital asset financial services company Matrixport stated in a client-exclusive research report on January 3 that there is an opportunity to hedge a portfolio by 1.6% through put options in the next ten days. We had anticipated a strong rebound in the fourth quarter. By mid-December, we warned of price consolidation. Initially, we expected a strong start to the year, remaining optimistic about Bitcoin on January 2; however, the next day, one of our trading models turned bearish on Bitcoin for the first time since August.

With the weakness in the stock market, we changed our direction, expecting that the weakness in the stock market would also affect Bitcoin. As we pointed out in the past few weeks, due to funding rates being at a high level for years, the open interest has risen significantly, increasing the likelihood of profit-taking, and Bitcoin positions have been overly expanded. We believe that the main reason the U.S. Securities and Exchange Commission (SEC) may reject the approval of ETFs is the lack of a large-scale monitoring sharing agreement that represents the global BTC trading market.