BlackRock’s Spot Bitcoin ETF Reappears on DTCC Site
The spot Bitcoin exchange-traded fund (ETF) IBTC, managed by BlackRock, has reappeared on the Depository Trust and Clearing Corporation’s (DTCC) website after disappearing for several hours. This incident has sparked speculation and discussions among crypto enthusiasts and experts, with many questioning whether it was a technical glitch or a strategic move.
Observations and Speculations
Renowned Senior ETF Analyst at Bloomberg, Eric Balchunas, captured the sentiment of many when he remarked on Twitter about the reappearance of the ETF. Joe Light from Barron’s Online also chimed in, expressing surprise at the sudden reappearance.
There have been noticeable changes in the listing compared to its previous state. James Seyffart suggested that these alterations indicate BlackRock’s preparations for an anticipated launch. Gabor Gurbacs, founder of PointsVille and advisor to Tether and VanEck, emphasized that institutions are committed to spot Bitcoin ETFs.
Perspective from Gabor Gurbacs
Gurbacs cautioned against reading too much into operational details and highlighted the media’s tendency to create stories out of context. He stated that the registration of symbols with DTCC does not guarantee regulatory approval. He speculated that the SEC may have advised BlackRock to hold off on the Bitcoin ETF.
DTCC Listing and Market Reaction
A Reuters report revealed that BlackRock’s proposed spot Bitcoin ETF was already included in a clearing-house eligibility file in August. The DTCC clarified that appearances on their list do not imply regulatory approvals but are part of standard preparation for new ETF launches.
The market reacted strongly to the listing and subsequent removal of IBTC from DTCC’s website. Bitcoin’s price experienced significant fluctuations, reaching a yearly high after the initial listing and dropping by 3% when it was temporarily removed.
Hot Take: Market Sensitivity to ETF-Related Events
The market’s acute sensitivity to ETF-related events is evident from the price fluctuations of Bitcoin. The temporary disappearance of IBTC from DTCC’s website had a noticeable impact on Bitcoin’s price, highlighting the market’s reaction to ETF developments.
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