BlackRock's iShares Bitcoin ETF: A Puzzling Vanishing and Return

25/10/2023

BlackRock's spot Bitcoin ETF, known by the ticker "BTC", experienced a brief disappearance from the Depository Trust and Clearing Corporation's (DTCC) website, only to reappear a few hours later.

BTC Surge

This unexpected event triggered a surge in Bitcoin's price, reaching new yearly highs, as markets speculated on the potential approval of a spot ETF.

In a remarkable surge, the price of Bitcoin (BTC) crossed the $35,000 threshold, a level last seen in May 2022, representing a substantial gain within just 24 hours. The price of Bitcoin saw a sudden upward spike on October 23, surging by more than 10%.
— NanoByte Official (@nanobyte_io) October 24, 2023

The surge in Bitcoin's price coincided with developments regarding BlackRock's proposed spot Bitcoin ETF.

On 23 October, analyst Scott Johnson, in a post on X (formerly known as Twitter), highlighted two pieces of information that suggest the possibility of the investment giant nearing approval for a spot Bitcoin ETF.

So two things caught my eye from the latest iShares (Blackrock) S-1 amendment:
– They've obtained a CUSIP in prep for a launch
– They may be looking to seed with cash this month (which is earlier than I would've thought, but may be nothing) pic.twitter.com/lMDaKxiIbB
— Scott Johnsson (@SGJohnsson) October 23, 2023

Johnson noted that BlackRock had obtained a specific "CUSIP" license and might soon initiate the process of "seeding" its spot ETF product with funds as early as this month.

As could be seen from the chart, BTC had a dramatic price surge.

Accompanying the sudden price surge was an uptick in Bitcoin's spot trading volume.

BTC Ticker Disappeared

Wait, with today's update, now the iShares Bitcoin Trust IBTC is gone from DTCC's list? @EricBalchunas @JSeyff https://t.co/r5vYkAXroW pic.twitter.com/fH9oy4ribx
— Joe Light (@joelight) October 24, 2023

Shortly after the ticker quietly vanished from the website, Bitcoin's price witnessed a nearly 3% decline, underscoring the significance of ETF-related developments in influencing trading activity.

After a few hours, the ticker is listed on the website again.

The iShares Bitcoin Trust has been listed on the DTCC (Depository Trust & Clearing Corporation, which clears NASDAQ trades). And the ticker will be $IBTC. Again all part of the process of bringing ETF to market.. h/t @martypartymusic pic.twitter.com/8PQP3h2yW0
— Eric Balchunas (@EricBalchunas) October 23, 2023

Crypto Market Volatility

The cryptocurrency market is renowned for its inherent volatility, characterised by rapid and substantial price fluctuations within short timeframes.

This volatility is fueled by a combination of factors, including speculative trading, market sentiment, the diverse mix of market participants, and the uncertainties surrounding emerging blockchain technologies and projects.

Positive news and trends could trigger buying frenzies, while negative developments could lead to panic selling.

This environment could present trading opportunities but also carries significant risks, making risk management a crucial aspect of engaging with the cryptocurrency market.

* Original content written by Coinlive. Coinbold is licensed to distribute this content by Coinlive.

BlackRock, BTC