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Yesterday’s stories saying that BlackRock’s spot bitcoin ETF was added to a Nasdaq clearing site caused a spike in the price of bitcoin as investors bet it signaled the imminent approval of such investment vehicles, but it turns out that it has been there since August. .
Blackrock’s iShares bitcoin Trust ETF was added to the Depository Trust & Clearing Corporation (DTCC) in August as “standard practice… in preparation for the launch of a new ETF,” a DTCC spokesperson told Reuters. “Appearing on the list is not indicative of the outcome of any pending regulatory or approval process.”
NEW: BlackRock’s place bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin ETF added to Depository Trust & Clearing Corporation in August – DTCC spokesperson $IBTC
– bitcoin Magazine (@BitcoinMagazine) October 24, 2023
Speculation that BlackRock and a queue of other pending bitcoin spot ETF applicants would be quickly approved sent the cryptocurrency market into its biggest two-day rally in more than seven months.
Cryptocurrency market capitalization rose more than $200 billion to $1.26 trillion, near this year’s peak, according to CoinMarketCap data.
Traders had noticed the Blackrock bitcoin ETF listed on the DTCC website.
$IBTC It’s definitely a zzzzz ticker considering the options, but it fits the BLK brand (they’re more in the middle) and is arguably better than something like $HODL if the goal is to reach the client accounts of wealthy boomers who use wealth managers.
– Eric Balchunas (@EricBalchunas) October 23, 2023
DTCC Site Crashes as Investors Rush to Confirm bitcoin ETF Listing
Shortly after the quote was discovered, it disappeared from the DTCC site, causing confusion among cryptocurrency investors.
DTCC’s website also fell in what some attributed to increased traffic as investors attempted to confirm the developments for themselves.
According to Bloomberg Senior ETF Analyst Eric Balchunas, DTCC doesn’t often receive this level of attention, which “speaks to the uniqueness and intensity of this entire saga.”
DTCC is definitely not used to this kind of attention or action, it lives behind the scenes, it’s very boring. It speaks to the uniqueness and intensity of this entire saga.
– Eric Balchunas (@EricBalchunas) October 24, 2023
However, in an interesting twist, the product reappeared on the site.
RIGHT IN- BlackRock iShares bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin The trust is now listed again on the Depository Trust & Clearing Corporation $IBTC pic.twitter.com/v6kexIOIOL
– bitcoin Magazine (@BitcoinMagazine) October 24, 2023
No explanation was provided as to why he disappeared and then reappeared.
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