The listing of BlackRock’s bitcoin ETF on DTCC has raised the hopes of many cryptocurrency enthusiasts about the possible approval of btc spot ETFs. However, a renowned ETF expert discouraged this optimism, stating that DTCC’s recent listing is unimportant.
BlackRock DTCC listing downplayed
Armada ETF CEO Phil Bak made the decision x (formerly Twitter) on Tuesday, October 24 to discuss their skepticism about the importance of bitcoin-news/bitcoin-price-surges-7-in-10-minutes-on-fake-ishares-etf-news/” rel=”nofollow noopener” target=”_blank”>BlackRock iShares bitcoin ETF listed on Depository Trust & Clearing Corporation (DTCC).
Bak stated that he had been an expert in ETF launches for years and had been actively involved in ETF product development and management operations. He revealed that the DTCC list of BlackRock bitcoin ETF had no bearing on the possible approval of bitcoin ETFs by the United States Securities and Exchange Commission (SECOND).
“I spent six years managing new ETF launches for the NYSE (2010-2016) and about 15 years developing and managing ETF products. The DTCC thing means absolutely nothing. Nothing. Unplug and spend time with your loved ones,” Bak said.
The unexpected statement has sparked a wave of reactions and discussions in the crypto community, further highlighting the ongoing debate surrounding the possibility of bitcoin ETFs are becoming a reality.
When asked if he had witnessed situations where the DTCC listed a product and the US SEC denied its approval, Bak responded by saying that the DTCC was not an official listing venue and that a 19b4 approval is required by from the SEC’s Division of Trading and Markets before an ETF. is launched.
“DTCC is not a place to list. You have been misinformed. When you see the words “19b4 approved,” you know an ETF is nearby,” Bak fixed.
He aggregate:
“DTCC does not assign tickers. Cusips deliver them to any issuer who completes a form. None of this has anything to do with the people or processes involved in rejecting/approving a 19b4.”
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2023/10/Bitcoin-Spot-ETF-Expert-Reveals-Why-BlackRocks-DTCC-Listing-Doesnt" alt="Tradingview.com bitcoin Price Chart (BlackRock Spot bitcoin ETF DTCC)” width=”2650″ height=”1758″/>
btc price drops with sentiment | Source: BTCUSD on Tradingview.com
DTCC removes BlackRock bitcoin ETF ticker
After the recent rebound in bitcoin price This week, as rumors spread about the spot approval of the bitcoin ETF by the US SEC, the positive sentiment around the bitcoin ETF has grown considerably. The price pump was also said to be influenced by DTCC Listing of the BlackRock bitcoin spot ETF.
Currently new data has revealed that BlackRock’s bitcoin ETF ticker has been remote from the DTCC site. The reason for the unexpected change has not been fully revealed; however, the list is back on the website after a change in Create/Redeem from “Y” to “N”.
btc price has fallen slightly and is currently trading at $34,551 according to CoinMarketCap, down from its monthly highs on Monday, where crossed $35,000 threshold at one point.
Featured image of bitcoin Sistermi, chart from Tradingview.com
