BlackRock’s spot Bitcoin exchange-traded fund (ETF) IBTC reappeared on the Depository Trust and Clearing Corporation’s (DTCC) website after mysteriously disappearing for several hours. This event sparked speculation and discussions among crypto enthusiasts and experts, raising questions about whether it was a technical glitch or a strategic move.
Renowned Senior ETF Analyst at Bloomberg, Eric Balchunas, succinctly captured the sentiment of many when he remarked, “It’s baaaaack…” Joe Light from Barron’s Online also chimed in, tweeting, “Wow, the iShares Bitcoin Trust (IBTC) appears to be back. What is happening.”
Notably, there were noticeable changes in the new listing compared to its previous state. The earlier version had a “Y” under the create/redeem section, while the updated one showed an “N.” This led to speculation about a launch without that attribute, similar to existing Bitcoin trusts. Analyst James Seyffart suggested that the alteration indicates BlackRock’s preparations for a potential launch, stating, “Think it indicates Blackrock is getting everything ready to launch if and when they get an SEC approval. And that the N just means it’s not open for redeem because it’s not live yet.”
Gabor Gurbacs, founder of PointsVille and advisor to Tether and VanEck, emphasized the commitment of institutions to spot Bitcoin ETFs. He explained, “The largest and most skilled industry titans ($ Trillions in AUM) are working on making the spot Bitcoin ETF happen.” However, Gurbacs cautioned against overanalyzing operational details and highlighted the positive collaboration between the industry and regulators.
In a recent Reuters report, it was revealed that BlackRock’s proposed spot Bitcoin ETF had already appeared on a clearing-house eligibility file back in August. The DTCC clarified that being listed on their website does not imply regulatory approval. Their spokesperson emphasized that it is a standard practice in preparation for the launch of a new ETF.
The market reacted to the news, causing significant fluctuations in the price of Bitcoin. After the sudden appearance of IBTC on DTCC’s website, Bitcoin’s price climbed to a yearly high. However, its temporary removal resulted in a 3% drop, showing the market’s sensitivity to ETF-related events.
At the time of writing, BTC was trading at $34,227.
(Image source: TradingView.com)
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