Matrixport, the cryptocurrency company of famous Chinese billionaire Jihan Wu, could be the architect of a potential Bitcoin ( #btc ) rally, the US Securities and Exchange Commission (SEC) said.

In a research report, Matrixport suggested that #SEC could initiate a rally in #Bitcoin by successively approving multiple spot Bitcoin ETF (exchange-traded fund) applications.

The report stated that the approval of any spot Bitcoin ETF would have significant positive impacts on the Bitcoin price. Investors are warned that they should be prepared for a possible upward move in the SEC's response dates.

On the other hand, it was claimed that if the SEC skips the evaluation date, the Bitcoin price may correct by mid-September. Matrixport suggested that the potential withdrawal in Bitcoin is an opportunity to buy.

The company's Head of Research, Markus Thielen, stated that ETF issuers will make significant expenses to attract capitalists. The report noted that crypto-focused investment company Grayscale's GBTC fund managed $43.5 billion in assets in its best periods and received $870 million in annual management fees.

Matrixport said that a potential spot Bitcoin ETF to be approved would have a management fee of between 0.7% and 1%, and even ETFs with pre-paid marketing expenses could generate $200 million in annual revenue.

In a statement to Bloomberg on August 7, Cathie Wood, CEO of the investment company Ark Invest, expressed a similar opinion as Matrixport regarding ETF approvals, but stated that she thought the SEC would skip the next evaluation date.

According to Coingecko data, Bitcoin, which has lost 3.7% in value in the last 30 days, has decreased by 0.9% in the last 24 hours and is traded at $29,454 as of writing.$BTC $ETH

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