The spot Bitcoin exchange-traded fund (ETF) ticker for BlackRock’s IBTC has reappeared on the Depository Trust and Clearing Corporation’s (DTCC) website after disappearing for a few hours. This event had a significant impact on the price of Bitcoin, as it surged to new yearly highs following the surprise appearance of IBTC on the website. The market excitement over the potential approval of a spot ETF led to a frenzy of trading activity.
The disappearance of the ticker from the DTCC website resulted in a slump in Bitcoin’s price by nearly 3%. This indicates that much of the trading activity is closely tied to developments related to ETFs. The drama surrounding the IBTC listing was so intense that it briefly crashed the DTCC website, which is not a common occurrence.
Eric Balchunas, a senior Bloomberg ETF analyst, highlighted the uniqueness and intensity of this entire saga. He pointed out that the attention received by the DTCC website crash was unprecedented for the organization. It is clear that the market is closely following every development in the journey towards the approval of a spot ETF.
Upon IBTC’s re-listing, one Twitter user noticed a significant change in the listing. The previous listing showed a “Y” under the “create/redeem” column, indicating that new shares could be created or redeemed. However, the new listing had an “N” in that column. James Seyffart, a Bloomberg ETF analyst, responded to the query and explained that this change suggests BlackRock is preparing to launch the ETF as soon as it receives approval from the Securities and Exchange Commission (SEC).
A spokesperson from the DTCC stated that adding securities to the NSCC security eligibility file is a standard practice in preparation for the launch of a new ETF. The appearance of IBTC on the list does not indicate the outcome of any regulatory or other approval processes. It is simply a step taken by the DTCC in anticipation of the ETF’s launch.
Despite the fluctuations caused by the IBTC listing, Bitcoin has held steady following its reappearance. According to CoinMarketCap data, Bitcoin is up 0.15% in the last hour. The price of Bitcoin currently stands at $33,940, representing a 19.1% gain over the past week.
Overall, the reappearance of BlackRock’s IBTC ETF ticker on the DTCC website has generated significant excitement and speculation in the market. Traders and investors are closely monitoring the progress towards a potential spot ETF approval, which has the potential to further drive the price of Bitcoin and impact the cryptocurrency market as a whole.