BlackRock Spot Bitcoin (BTC) Exchange Traded Fund (ETF) The ticker symbol for IBTC has reappeared on the Depository Trust and Clearing Corporation (DTCC) website after disappearing for several hours.
On October 23, IBTC unexpectedly appeared on the website, the market went crazy over signs that the spot ETF was about to be approved, and the price of Bitcoin soared to a new yearly high.
When the ticker quietly disappeared from the website a few hours later, the price of Bitcoin fell by nearly 3%, indicating that much of the trading activity appeared to be based on tracking progress related to the ETF.
Bloomberg ETF senior analyst Eric Balchunas pointed out that the drama surrounding IBTC’s listing appeared to be the reason for the brief crash of the DTCC website.
The DTCC website appears to be down pic.twitter.com/UyrrfAl2Eu
— Eric Balchunas (@EricBalchunas) October 24, 2023
Balchunas explained that DTCC does not usually receive this level of attention, which “speaks to the uniqueness and intensity of the entire saga.”
related: BlackRock’s Spot Bitcoin ETF Now Listed on Nasdaq Clearing Company – Bloomberg Analyst
After IBTC was relisted, one X (Twitter) user highlighted that the previous listing showed a “Y” under the “Create/Exchange” field, while the new listing shows an “N”.
Here I see a major change in the DTCC iShares Bitcoin Trust (IBTC) listing. The original listing (right) has a “Y” under Create/Redeem. This one has an “N”.what does that mean @ericbalciunas @JSeyff ? pic.twitter.com/Y89rK2TqlI
— Joe Light (@joelight) October 24, 2023
Bloomberg ETF analyst James Seyffart responded to the inquiry, saying he believed it showed BlackRock was “making everything ready to launch once it gets SEC approval.”
“‘N’ just means it’s not open for creation and redemption because it’s not live yet,” Seyffart added.
“It is standard practice for the DTCC to add securities to the NSCC Securities Eligibility File in preparation for the launch of new ETFs to the market,” a DTCC spokesperson said in a statement. “Appearance on the list does not indicate any outstanding regulatory or other The outcome of the approval process.”
Bitcoin remains stable after IBTC resurfaces, rising 0.15% in the past hour according to CoinMarketCap data.
Bitcoin is trading at $33,940, up 19.1% from the past week.
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