The ticker for BlackRock's spot Bitcoin (BTC) exchange-traded fund (ETF) IBTC has reappeared on the Depository Trust and Clearing Corporation’s (DTCC) website after disappearing for a few hours.
Cryptocurrency market reacts as BlackRock's Bitcoin ETF ticker vanishes and then returns
The price of Bitcoin surged to new yearly highs following the Oct. 23 surprise appearance of IBTC on the website with markets frenzied over the sign of a potential soon-to-come spot ETF approval.
Bitcoin's price takes a hit as the ticker disappears, highlighting the importance of ETF-related developments
When the ticker quietly disappeared from the site a few hours later, Bitcoin's price slumped nearly 3%, indicating that much of the trading activity seems to be hinged on watching ETF-related developments.
Unprecedented attention on DTCC as the drama unfolds
Senior Bloomberg ETF analyst Eric Balchunas pointed out the drama around the IBTC listing seemed to be responsible for briefly crashing the DTCC website.
The DTCC doesn't typically witness this level of attention, Balchunas explained — which "speaks to the uniqueness and intensity of this entire saga."
BlackRock's preparation for ETF launch hinted by changes in the listing
Upon IBTC's re-listing, one X (Twitter) user highlighted that the previous listing showed a "Y" under the "create/redeem" column while the new listing had an "N."
Bloomberg ETF analyst James Seyffart responded to the query saying he believes it indicates BlackRock is "getting everything ready to launch if and when they get an SEC approval."
"The 'N' just means it's not open for create redeem because it's not live yet," Seyffart added.
DTCC clarifies its role in the process
"It is standard practice for DTCC to add securities to the NSCC security eligibility file in preparation for the launch of a new ETF to the market," a DTCC spokesperson said in a statement. "Appearing on the list is not indicative of an outcome for any outstanding regulatory or other approval processes."
Bitcoin remains steady as IBTC reappears
Bitcoin has held steady following IBTC's reappearance and is up 0.15% in the last hour according to CoinMarketCap data.
Bitcoin is trading at $33,940 marking a 19.1% gain over the past week.
