BlackRock’s ETF Delisting and Relisting on DTCC Stirs Hysteria Trending Crypto News

BlackRock's ETF Delisting and Relisting on DTCC Stirs Hysteria
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The spot ETF bungle in the United States continues as BlackRock’s IBTC vanishes then appears again on the Depository Trust and Clearing Corporation website.

The subsequent developments have managed to sway Bitcoin’s price rather violently since, traditionally, these steps by DTCC are executed immediately prior to the product launch.

  • It is important to note that IBTC seemingly first appeared on the DTCC website yesterday, sparking a notable increase in bitcoin prices. On that same day, bitcoin briefly exceeded $35,000 before retracting to around $33,000.
  • This essentially demonstrated that a substantial portion of recent trading activity appears to be closely tied to monitoring developments related to ETFs. This trading activity seems to pivot on observing ETF-related progress.
  • A Reuters report on October 25 disclosed that the inclusion of IBTC in the DTCC’s website occurred in August, although it only garnered widespread attention a few days ago.
  • A spokesperson for DTCC, on the other hand, explained that it is a standard procedure to add securities to the NSCC security eligibility file in preparation for the introduction of a new ETF to the market.
  • They also emphasized that being featured on the list does not serve as an indication of the outcome of any pending regulatory or approval processes.
  • Echoing a similar stance, experts said that the latest actions by DTCC suggest that BlackRock is preparing for a potential launch upon receiving SEC approval.
  • Meanwhile, the ‘N’ designation beside the listing simply signifies that “it’s not open for create redeem because it’s not live yet,” as speculated by Bloomberg ETF analyst James Seyffart.

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#BlackRocks #ETF #Delisting #Relisting #DTCC #Stirs #Hysteria

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