Matrixport Expects SEC to Reject Spot Bitcoin ETF Proposals; Michael Saylor's Latest Moves

Bitcoin is seeing red this morning as some analysts expect the SEC to reject all spot Bitcoin ETF applications. You're watching coin desk daily, I'm your host, Jen Sei Bitcoin has fallen as much as 8% in the last 24 hours as jitters around the anticipated approval of a spot, Bitcoin ETF begin to enter the market. The slump erased the entire upside move that occurred on January 1st spurring the liquidation of $500 million worth of positions across derivatives exchanges last week, Reuters reported that a Bitcoin ETF could be approved as soon as this week. That's according to its sources. However, Matrix Po is rejecting those optimistic expectations stating in a new note that they quote, believe all applications fall short of a critical requirement that must be met before the SEC approves this might be fulfilled by Q 2 2024. But we expect the SEC to reject all proposals in January and quote. And the Micro strategy, Executive Chairman Michael Saylor will start to sell $216 million worth of company shares. According to an SEC filing, the document shows that sailor intends to sell 310,000 shares that were awarded a stock options in 2014 and were set to expire in April this year. Sailor has previously said he would use the proceeds from the sales to address personal obligations and buy more Bitcoin to his personal account. That's a wrap for coin desk daily, get more updates on coindesk.com and we'll see you next time.