The blockchain financial service firm argued in January that a spot Bitcoin ETF would not be approved by the U.S. Securities and Exchange Commission.
Daniel Yan, co-founder of Singaporean crypto services firm Matrixport, says that a market correction is imminent after Bitcoin (BTC) reached its highest level since 2021.
"The sentiment of the market has come to a level where I think we should be cautious," the co-founder wrote on February 28. "I think we should see another healthy ~15% correction by end-April." In explaining his rationale, Yan said that the month of March is a "tricky one" from a macroeconomic perspective, pointing to examples such as the U.S. Federal Reserves meeting, Bitcoin halving, and the Ethereum Dencun upgrade. Yan stated:
On the same day, Bitcoin surpassed the $60,000 benchmark previously witnessed in the bull market of 2020 to 2021. Data from the Crypto Fear & Greed Index currently shows a score of 82/100, indicating extreme greed. Investors have been in a frenzy since the U.S. Securities and Exchange Commission (SEC) approved several spot Bitcoin exchange-traded funds (ETFs) last month, with $7.5 billion worth of assets now managed by one such ETF, BlackRock's iShares Bitcoin Trust.
