The Return of BlackRock’s Bitcoin ETF Ticker on DTCC Website
The ticker for BlackRock’s spot Bitcoin (BTC) exchange-traded fund (ETF) IBTC has reappeared on the Depository Trust and Clearing Corporation’s (DTCC) website after disappearing for a few hours. This sudden reappearance caused the price of Bitcoin to surge to new yearly highs, indicating market excitement over the potential approval of a spot ETF. However, when the ticker disappeared again, Bitcoin’s price slumped by nearly 3%, suggesting that much of the trading activity is dependent on ETF-related developments.
Drama Around IBTC Listing Crashes DTCC Website
Senior Bloomberg ETF analyst Eric Balchunas noted that the drama surrounding the IBTC listing briefly crashed the DTCC website. This level of attention for the DTCC is unusual and speaks to the unique intensity of this saga. One Twitter user also pointed out a significant change in the listing, with a previous “Y” under the “create/redeem” column now replaced with an “N.” Bloomberg ETF analyst James Seyffart explained that this change indicates BlackRock is preparing to launch once they receive SEC approval.
DTCC’s Standard Practice for New ETF Launch
According to an October 25 Reuters report, the IBTC listing was added to the DTCC’s site in August but only gained widespread attention recently. A DTCC spokesperson clarified that adding securities to their file is standard practice in preparation for launching a new ETF. The appearance on the list does not indicate any outcome regarding regulatory or other approval processes. Despite these developments, Bitcoin has remained steady and is currently up 0.15% in the last hour.
Hot Take: Bitcoin Holds Steady Amidst ETF Speculation
Despite the fluctuations caused by the appearance and disappearance of the IBTC ticker on the DTCC website, Bitcoin has maintained its stability. With a 19.1% gain over the past week, Bitcoin is currently trading at $33,940. The crypto market continues to closely watch for any updates regarding the potential approval of a Bitcoin spot ETF, as it could have significant implications for the future of cryptocurrency investment.
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