BlackRock’s Bitcoin ETF listing had vanished from the DTCC’s website for a few hours, but then it suddenly reappeared.
The ticker symbol for BlackRock’s Bitcoin ETF, IBTC, briefly vanished from the Depository Trust and Clearing Corporation’s (DTCC) website and then reappeared a few hours later.
This caused a lot of excitement in the markets, leading to a surge in Bitcoin’s price to new yearly highs. People were hopeful that this might be a sign of an upcoming approval for a Bitcoin ETF.
However, when the ticker disappeared again, Bitcoin’s price dropped by almost 3%, showing that much of the trading activity is closely tied to ETF-related news.
BlackRock’s iShares IBTC ETF is back on the DTCC’s site. Source: DTCC
Senior Bloomberg ETF analyst Eric Balchunas noted that the excitement surrounding the IBTC listing appeared to briefly overload the DTCC website, causing it to crash.
Looks like the DTCC website has crashed pic.twitter.com/UyrrfAl2Eu
— Eric Balchunas (@EricBalchunas) October 24, 2023
Eric Balchunas, the senior Bloomberg ETF analyst, mentioned that the DTCC usually doesn’t experience this much interest. He said that this unusual level of attention shows how unique and intense the situation with IBTC is.
When IBTC was listed again, a Twitter user noticed a difference. In the previous listing, there was a “Y” under the “create/redeem” column, but in the new listing, it had changed to an “N.”
One significant change in the DTCC iShares Bitcoin Trust (IBTC) listing I see here. The original listing (on the right) had a "Y" under create/redeem. This one has an "N." What does that mean @EricBalchunas @JSeyff ? pic.twitter.com/Y89rK2TqlI
— Joe Light (@joelight) October 24, 2023
Bloomberg ETF analyst James Seyffart responded to the question, suggesting that the “N” on the DTCC listing indicates that BlackRock is getting everything ready for a possible launch if they receive SEC approval. It means the ETF is not yet open for create and redeem activities because it’s not officially live.
A Reuters report from October 25th revealed that the IBTC listing had been on the DTCC’s site since August but gained widespread attention just a few days ago.
A DTCC spokesperson explained that it’s a normal practice for them to add securities to the NSCC security eligibility file as a preparation step for a new ETF launch. However, being on the list doesn’t guarantee approval from regulatory or other processes.
Bitcoin’s price has remained stable since IBTC reappeared, with a 0.15% increase in the last hour according to CoinMarketCap data.
Bitcoin’s price held firm following IBTC’s reappearance — up 0.15% in the last hour. Source: CoinMarketCap
Bitcoin’s current trading price is $33,940, which is a significant increase of 19.1% over the past week.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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