“The removal of BlackRock’s ETF from the DTCC list sends ripples through the Bitcoin market, exposing the inherent volatility and vulnerability of the cryptocurrency’s value.”
The Depository Trust and Clearing Corporation (DTCC) has removed BlackRock’s Bitcoin ETF, iBTC, from its ETF list after adding the ticker on Monday. This news caused Bitcoin’s price to drop by 3% within 30 minutes. The reason for the removal is still unknown, but Bloomberg analysts speculate that the SEC may have played a role in the decision. The DTCC provides settlement and clearing services for financial markets, and being listed on its ETF list is a standard procedure for bringing an ETF to market. BlackRock has not commented on the matter yet due to SEC filing restrictions.
The removal of BlackRock’s iBTC from the DTCC’s ETF list comes after a wave of growing excitement about a possible spot Bitcoin ETF approval. BlackRock’s brief showcase of the product on its website fueled speculation among investors. However, it is important to note that the SEC’s official review of Grayscale’s Bitcoin ETF application also began on Monday. Analysts believe that the SEC may have run out of reasons to reject Grayscale’s application, but the public comment period for BlackRock and other Bitcoin ETF applicants is still ongoing.
The crypto community is eagerly awaiting the SEC’s decision on Bitcoin ETFs, but it is important to remember that the process takes time. The last deadline for public comments is November 8th, after which the SEC will review the feedback before making a final decision. Until then, the market may continue to experience volatility as investors anticipate the outcome. Stay tuned for more updates on this developing story.
Note: This blog post has been edited by Stacy Elliott.