- BlackRock’s presence on the DTCC website has sparked a tumultuous journey for Bitcoin.
- Experts have chimed in on BlackRock’s potential plans following SEC approval.
- The mysterious ‘N’ designation has held a clue to what lies ahead in the ETF saga.
The United States’ spot ETF conundrum persists, with BlackRock’s IBTC making a vanishing act and then reappearing on the Depository Trust and Clearing Corporation (DTCC) website. These recent developments have had a significant impact on Bitcoin’s price, exhibiting a rather tumultuous pattern.
Bitcoin Soars as IBTC Makes Appearance on DTCC Website
Traditionally, such maneuvers by the DTCC occur just before the launch of a new product. It’s worth highlighting that IBTC seemingly made its debut on the DTCC website yesterday, causing a noticeable surge in Bitcoin prices.
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Bitcoin briefly surged past the $35,000 mark before settling back around $33,000. This episode underscores the close link between recent trading activity and the monitoring of ETF-related developments.
A Reuters report from October 25 revealed that IBTC’s inclusion on the DTCC’s website actually transpired in August but only gained widespread attention a few days ago. A spokesperson for the DTCC clarified that adding securities to the NSCC security eligibility file is standard procedure in anticipation of a new ETF’s introduction to the market.
Is BlackRock Gearing Up for a Game-Changing Launch?
It’s important to note that being featured on the list doesn’t indicate the outcome of any pending regulatory or approval processes. Experts concur with this perspective, suggesting that DTCC’s recent moves hint at BlackRock’s readiness for a potential launch upon securing approval from the SEC.
Meanwhile, the ‘N’ designation alongside the listing simply signifies that “it’s not open for create redeem because it’s not live yet,” as observed by Bloomberg ETF analyst James Seyffart.
On the Flipside
- The DTCC’s standard procedure of adding securities to the NSCC security eligibility file doesn’t necessarily guarantee a successful ETF launch.
- The ‘N’ designation beside the listing, as explained by Bloomberg ETF analyst James Seyffart, signifies that the ETF is not yet live for create and redeem activities.
Why This Matters
The market’s eager anticipation for an ETF is palpable, as reflected in the notable volatility surrounding ETF listings. This underscores the significant shift in the crypto investment landscape and its impact on market dynamics.
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To learn more about the SEC’s mandate to review Grayscale’s Bitcoin ETF application, read here:
Bitcoin Smashes $35,000 Upon BlackRock’s BTC ETF Development
To discover further details on recent developments related to Bitcoin, read here:
SEC Mandated to Review Grayscale’s Bitcoin ETF Application
