BlackRock Spot Bitcoin ETF Listing That Fired Crypto Prices Higher On Tuesday Was Added In August As ”Standard Practice”

On Oct 25, 2023

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Stories yesterday that said BlackRock’s spot Bitcoin ETF (exchange-traded fund) was added to a Nasdaq clearing site prompted a Bitcoin price spike as investors bet it indicated the imminent approval of such investment vehicles, but it turns out that it’s been listed there since August.

Blackrock’s iShares Bitcoin Trust ETF was added to the Depository Trust & Clearing Corporation (DTCC) in August as “standard practice…in preparation for the launch of a new ETF,” a spokesman for DTCC told Reuters. “Appearing on the list is not indicative of an outcome for any outstanding regulatory or other approval processes.”

NEW: BlackRock’s spot #Bitcoin ETF was added to the Depository Trust & Clearing Corporation in August – DTCC spokesperson $IBTC
— Bitcoin Magazine (@BitcoinMagazine) October 24, 2023

Speculation that BlackRock and a queue of other pending spot Bitcoin ETF applicants would be quickly approved sent the crypto market on its biggest two-day rally in more than seven months.

Crypto market capitalization rose more than $200 billion to $1.26 trillion, close to this year’s peak, according to data from CoinMarketCap.

Traders had noticed the Blackrock Bitcoin ETF on a list on the DTCC website.

$IBTC is def a zzzzz ticker considering the options, but it fits BLK brand (they more straight up the middle) and arguably better than something like $HODL if goal is to make it into client accounts of rich boomers who use wealth managers.
— Eric Balchunas (@EricBalchunas) October 23, 2023

DTCC Site Crashes As Investors Rush To Confirm Bitcoin ETF Listing

Not along after the listing was spotted, it disappeared from the DTCC site, causing confusion among crypto investors.

The DTCC website also went down in what some attributed to increased traffic as investors tried to confirm developments for themselves.

According to Senior Bloomberg ETF analyst Eric Balchunas, the DTCC doesn’t typically get this level of attention, which “speaks to the uniqueness and intensity of this entire saga.”

DTCC is def not used to this kind of attn or action, it lives behind scenes, very boring. Speaks to the uniqueness and intensity of this entire saga
— Eric Balchunas (@EricBalchunas) October 24, 2023

In an interesting twist, however, the product then reappeared on the site.

JUST IN- BlackRock’s iShares #Bitcoin Trust is now re-listed on the Depository Trust & Clearing Corporation $IBTC pic.twitter.com/v6kexIOIOL
— Bitcoin Magazine (@BitcoinMagazine) October 24, 2023

No explanation was provided as to why it disappeared and then reappeared.

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