The news that once sent Bitcoin beyond significant resistance levels, pushing its value over $35K, has dissipated following the disappearance of BlackRock’s Bitcoin ETF from the DTCC website. Bitcoin (BTC) experienced a quick decline, dropping over 3% from its position close to $35,000. This downturn was triggered by the elimination of the ticker for BlackRock’s (BLK) spot Bitcoin ETF – IBTC – from the website of the Depository Trust & Clearing Corporation (DTCC).
SEC’s Communication With BlackRock
The planned bitcoin ETF by BlackRock has unexpectedly vanished from the Depository Trust and Clearing Corporation’s website, where it was previously featured as the inaugural potential ETF. This is another setback for Bitcoin after the false ETF news last week. The DTCC server is currently down.
Eric Balchunas, a Bloomberg analyst, observed that the initial listing was significant, positioning BlackRock at the top of the logistical preparations typically seen in the run-up to a launch, including seeding, ticker assignments, and DTCC listing.
On Monday, he further commented, “This is almost like a clear indication that they’ve received a nod of definite or impending approval.”
This incident coincides with a surge in bitcoin’s value, partially driven by optimistic expectations regarding the US regulators’ approval of a bitcoin ETF. Bitcoin (BTC) managed to surpass the $35,000 mark for a time and is currently hovering around $34,000, according to the latest reports.
The anticipated approval may not be imminent, as suggested by the product’s disappearance from the DTCC website. When approached for a statement, BlackRock refrained from commenting, citing their adherence to the regulatory body’s “filing restriction period.”
“It seems like the SEC might have intervened with a call to BlackRock,” speculated Bloomberg analyst James Seyffart in a comment on platform X.
SEC Is Yet To Approve A Spot Bitcoin ETF
Expressing minimal surprise, Balchunas shared his thoughts: “My assumption is they were either instructed to, or they decided to postpone until the launch is just days away, not weeks or months. As I mentioned earlier, it was unexpected to even see it listed there.”
Numerous social media users highlighted that the recent modification to the Registration Statement for the iShares Bitcoin Trust, submitted to the U.S. Securities and Exchange Commission (SEC) on October 18, suggests that BlackRock could potentially be making Bitcoin purchases this month. This activity is seen as preparation for seeding its upcoming spot Bitcoin ETF.
Recently, the U.S. Securities and Exchange Commission (SEC) went back to the driver’s seat regarding the assessment of Grayscale’s application for a spot bitcoin exchange-traded fund (ETF). Following a mandate issued by the U.S. Court of Appeals for the D.C. Circuit on October 23, 2023, the SEC is required to re-evaluate the firm’s offering. The commission is now at a crucial juncture, facing the decision to either approve Grayscale’s ETF or identify new reasons for its denial.
Data from the Chicago Mercantile Exchange (CME) indicates that on Monday, open interest in bitcoin futures skyrocketed, reaching an unprecedented $3.4 billion. This spike highlights the rising curiosity and engagement from institutional investors.
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