A Matrixport report claiming that the US Securities and Exchange Commission will “reject” spot bitcoin ETFs shocked the crypto world on Wednesday, preceding an 8% drop in the price of bitcoin.

“From a political perspective, there is no reason to approve a bitcoin spot ETF that would legitimize bitcoin as an alternative store of value,” the report claimed. Bitcoin has since rebounded slightly to sit 5% down over the past day, now at $42,500.

Bloomberg Intelligence analyst Eric Balchunas told Blockworks that, without any sourcing, this report does not line up with what Bloomberg Intelligence has been reporting. 

“I’m not saying it’s impossible,” he said. “But it would…

Read more on Blockworks