DTCC Removes BlackRock’s Bitcoin ETF from List
The Depository Trust and Clearing Corporation (DTCC) has removed BlackRock’s Bitcoin ETF, iBTC, from its ETF list shortly after adding it on Monday. This move caused a 3% drop in Bitcoin’s price, falling from $34,527 to $33,432 within 30 minutes of the removal being noticed.
Market Reaction
The removal triggered around $37 million in long liquidations across the crypto market within the past hour, according to CoinGlass.
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Speculations on SEC’s Influence
Bloomberg analyst James Seyffart speculated that the Securities and Exchange Commission (SEC) might have influenced the decision. He tweeted on Tuesday, “I’m guessing the SEC made a call to BlackRock.”
DTCC Listing Process
Being listed on DTCC is a standard procedure for ETFs and typically happens just before a fund starts trading.
BlackRock’s Impact on Bitcoin Price
BlackRock briefly mentioned the ETF on its site earlier, sparking excitement about an imminent spot Bitcoin ETF approval. This boosted Bitcoin’s price to a yearly high of $35,000.
SEC Reviewing Grayscale’s Bitcoin ETF Application
The SEC has officially received an order to review Grayscale’s Bitcoin ETF application, raising expectations of potential approval.
SEC Public Comment Period
The SEC’s public comment period for BlackRock and other Bitcoin ETF applicants is ongoing until November 8th, according to legal expert Joe Carlasare.
Hot Take: DTCC Removes BlackRock’s iBTC from ETF List Causing Market Reaction
The removal of BlackRock’s Bitcoin ETF from the DTCC’s ETF list has caused a significant market reaction, with Bitcoin’s price dropping by 3%. Speculations suggest that the SEC may have influenced this decision. While being listed on DTCC is a standard procedure, BlackRock’s mention of the ETF on its site had previously raised hopes for an imminent spot Bitcoin ETF approval. The SEC is currently reviewing Grayscale’s Bitcoin ETF application, and the public comment period for BlackRock and other applicants is ongoing. The market will be closely watching for any further developments regarding the approval of Bitcoin ETFs.
