Invesco Galaxy Spot Bitcoin ETF Added to DTCC List
The ticker for the Invesco and Galaxy spot Bitcoin exchange-traded fund (ETF) has been added to the Depository Trust and Clearing Corporation’s (DTCC) website. This comes after BlackRock’s application was briefly added and then removed from the list. Currently, both BlackRock and Invesco and Galaxy’s applications are on the DTCC list. The addition of BlackRock’s application caused a rally in Bitcoin’s price, but it was removed due to attracting too much attention. The Invesco and Galaxy spot Bitcoin ETF was added to the list in the last six days.
No Guarantee of Approval
Addition to the DTCC list does not guarantee approval for the ETF. The DTCC adds securities to prepare for the launch of new ETFs, but this doesn’t indicate an outcome for regulatory approval processes. The joint spot Bitcoin ETF application from Invesco and Galaxy Digital was reactivated in June, following BlackRock’s filing. It is important to note that being on the DTCC list is standard procedure for launching an ETF and does not guarantee success in pending regulatory processes.
The Depository Trust and Clearing Corporation
The Depository Trust and Clearing Corporation plays a key role in American ETF markets. When a spot Bitcoin ETF application is added to the DTCC list, it means an intermediary bank has requested a designation for that specific ETF fund. However, it doesn’t guarantee approval from the Securities and Exchange Commission or success in other approval processes.
Bitcoin Price Action
Bitcoin closed October above $34,000, with a 23% increase over the month. The hype around a spot Bitcoin ETF is supporting its price, but there is speculation about whether it will cross $35,000 or drop back towards $33,743. Bitcoin’s price is currently stuck between $33,300 and $35,300, with volatility in price action. CoinShares reported a surge in crypto investment product inflows, reaching $326 million last week, with Bitcoin accounting for $296.3 million of that figure.
Hot Take: CoinShares Reports Surge in Crypto Investment Product Inflows
CoinShares has reported a significant increase in inflows for crypto investment products, reaching a level not seen since July 2022. Last week alone, inflows reached $326 million, with Bitcoin accounting for the majority at $296.3 million. This surge in inflows is a positive indicator for the cryptocurrency market and suggests growing investor interest.
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