ETF’s mysterious appearance on the Depository Trust and Clearing Corporation’s (DTCC) website has resulted in widespread speculations and discussions among cryptocurrency enthusiasts and experts. In the world of cryptocurrency, everyone is questioning whether it was the result of a mere technical glitch or was it an intelligent strategy. As a result of this, the price of Bitcoin surged to a remarkably high level, and it created chaos in the crypto market. The news of its reappearance was noticed by the audience when senior ETF analyst at Bloomberg, Mr. Eric Balchunas, posted that BlackRock spot ETF is back on the DTCC site.
What happened after the reappearance?
When BlackRock spot ETF came back on the DTCC site, a surprising change was observed. The earlier version displayed a “Y” under the create/redeem section, while the updated listing featured an “N.” This alteration led to public speculation about its implications. James Seyffart suggested that the change indicated BlackRock’s preparations for a potential launch, stating that 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 because it’s not live yet. Light added to the speculation, pondering whether the original “Y” may have been a mistake that needed correction.
Furthermore, several other analysts were eager to put forth their views. Gabor Gurbacs, founder of PointsVille and an advisor to Tether and VanEck, offered a perspective on the situation. He highlighted that major players in the financial industry, with trillions of dollars in assets under management, are actively working to make spot Bitcoin ETFs a reality. Gurbacs cautioned against reading too much into operational details, emphasizing that the media often takes such details out of context to create stories. He explained that issuers can purchase tickers, ISINs, and CUSIPs early and register with the DTCC, which is a standard practice in preparation for the launch of a new ETF.
BlackRock’s Plan for a spot Bitcoin ETF is, unfortunately, still waiting for approval. While many say that there are inevitable signs that BlackRock will eventually get its approval, however, nothing can be said for certain. According to a recent Reuters report, BlackRock’s proposed spot Bitcoin ETF had already appeared on a clearinghouse eligibility file back in August. The DTCC clarified that the appearance on their list does not imply any regulatory approvals. Their spokesperson stressed that this listing is a “standard practice not be interpreted as an explicit indicator of any regulatory outcome.
When asked about the current situation, BlackRock declined to comment on the same. It further stated that it is still within the regulatory agencies filing restriction period.
Bitcoin surpasses $35,000 amidst growing optimism on spot ETF approval
When BlackRock spot ETF came back on the DTCC site, Bitcoin officially surpassed the $35,000 mark, and the major credits must be given to this advantageous vanish. This development sent shockwaves throughout the cryptocurrency space, igniting renewed interest and bolstering market demand for Bitcoin. According to Edul Patel, Co-founder and CEO at Mudrex, this surge led Bitcoin to reach a new yearly high, marking a significant milestone in the digital currency’s journey.
The positive sentiment extended beyond Bitcoin, as other cryptocurrencies experienced substantial gains. Bitcoin’s largest counterpart, Ethereum, soared by approximately 15%, surpassing the $1,800 mark. Solana, another prominent player in the crypto market, witnessed a remarkable 30% increase in value over the course of a week. Altcoins like Chainlink, Mina, and Injective joined the rally, recording impressive gains of 50-90% within the same week.