Matrixport, an investment firm, has published a report predicting that the U.S. Securities and Exchange Commission (SEC) will reject all spot Bitcoin ETF applications in January. This report has been cited as a major reason behind the recent drop in Bitcoin's price. According to Matrixport, the applications do not meet a critical requirement necessary for approval, which they believe might be achieved by the second quarter of 2024, but they expect the SEC to reject all proposals in January .However, Matrixport's prediction has been challenged by respected ETF analysts like James Seyffart and Eric Balchunas from Bloomberg, who argue that the approval of ETFs is actually highly likely. These analysts point to a significant change in the SEC's behavior, noting its proactive work with ETF issuers and guidance on updating their applications. They also highlight several factors that could tilt the balance towards ETF approval, including Grayscale's legal victory against the SEC and an increase in the maturity of the Bitcoin market and improved infrastructure .