Bitcoin Price Surges Past $35,000 Amid BlackRock Spot Bitcoin ETF Listing
The Bitcoin price has surged past the $35,000 level on various exchanges, driven by the anticipation surrounding the potential approval of the BlackRock Spot Bitcoin ETF. The rally was triggered by an image circulating on social media platforms showing that the BlackRock iShares Bitcoin Trust had been listed on the Depository Trust & Clearing Corporation (DTCC) under the ticker IBTC.
Implications of the DTCC Listing
A listing on the DTCC is typically seen as a step towards ETF approval from the Securities and Exchange Commission (SEC). BlackRock, the world’s largest asset management company, has reportedly informed the regulator about its plans to seed its Spot Bitcoin ETF in October. This suggests that BlackRock is preparing for a potential October launch.
However, it’s important to note that a listing on the DTCC does not guarantee immediate approval. Some ETFs may remain on the DTCC for extended periods before gaining approval or may never launch at all. Nevertheless, given BlackRock’s influence, there are expectations that this move indicates preparations for approval.
Bitcoin Open Interest and Fear & Greed Index
Bitcoin open interest has increased by 6.36% across all exchanges, reaching a total of $15.05 billion. The Bitcoin Fear & Greed Index has also reached a six-month high of 66, indicating greed among investors. This is reflected in rising daily trading volumes for Bitcoin.
Potential Path to $40,000
Although the Bitcoin price has retraced from its peak at $35,000, it continues to trade above $34,500 with established support from bulls. A successful retest of the $35,000 resistance level could propel the price towards $40,000.
Hot Take: BlackRock’s Listing Fuels Bitcoin Rally
The recent surge in the Bitcoin price can be attributed to the listing of the BlackRock iShares Bitcoin Trust on the DTCC. This development has sparked anticipation for the potential approval of the BlackRock Spot Bitcoin ETF, which could trigger a bull market. While a listing on the DTCC does not guarantee immediate approval, BlackRock’s influence and plans to seed its ETF suggest preparations for an October launch. With increasing open interest and a high Fear & Greed Index, investors are showing strong interest in Bitcoin. If the price successfully retests the $35,000 resistance level, it could pave the way for further gains towards $40,000.
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