The ticker for BlackRock’s Bitcoin BTC current price $34,353 exchange-traded fund (ETF), named IBTC, made a brief reappearance on the website of the Depository Trust and Clearing Corporation (DTCC) after being momentarily unlisted.
Bitcoin’s value soared to its highest point this year when IBTC unexpectedly showed up on DTCC’s platform on October 23. This surge was attributed to market speculations about the impending approval of a spot ETF.
However, when the ticker silently vanished a few hours post its appearance, Bitcoin’s value took a nearly 3% hit. This oscillation suggests that traders are keenly monitoring ETF-related news. Eric Balchunas, a senior Bloomberg ETF analyst, opined that the IBTC listing drama was likely the cause for the DTCC website’s temporary crash. The DTCC isn’t accustomed to such massive attention, Balchunas remarked, signifying the intense interest and exceptional nature of this episode.
On the ticker’s return to the DTCC site, a Twitter user observed that the earlier listing displayed a “Y” in the “create/redeem” section, whereas the renewed listing showcased an “N”. Responding to this, James Seyffart, another Bloomberg ETF analyst, reasoned that BlackRock is in the final stages of preparation, awaiting SEC endorsement.
Seyffart clarified, “The ‘N’ signifies that it’s not yet available for create-redeem transactions since it hasn’t been officially launched.”
A recent report by Reuters on October 25 highlighted that the IBTC listing was initiated on the DTCC platform back in August but gained widespread attention only recently.
A representative from DTCC noted that it’s their routine procedure to list securities in the NSCC security eligibility database in anticipation of an ETF’s market debut. They further clarified that being on the list doesn’t guarantee any decisions related to pending regulatory approvals.
In recent developments, Bitcoin’s value remains relatively stable post the reemergence of IBTC and has experienced a slight 0.15% rise in the last hour, as per data from CoinMarketCap. The current trading price of Bitcoin stands at $33,940, reflecting a noteworthy 19.1% increase over the previous week.
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