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The ticker for BlackRock’s spot Bitcoin (BTC) exchange-traded fund (ETF), IBTC, has reappeared on the Depository Trust and Clearing Corporation’s (DTCC) website after disappearing for a few hours.
The price of Bitcoin surged to new yearly highs following the Oct. 23 surprise appearance of IBTC on the website, with markets frenzied over the sign of a potential soon-to-come spot ETF approval.
When the ticker quietly disappeared from the site a few hours later, Bitcoin‘s price slumped nearly 3%, indicating that much of the trading activity seems to be hinged on watching ETF-related developments.
Senior Bloomberg ETF analyst Eric Balchunas pointed out that the drama around the IBTC listing seemed to be responsible for briefly crashing the DTCC website.
Looks like the DTCC website has crashed pic.twitter.com/UyrrfAl2Eu
— Eric Balchunas (@EricBalchunas) October 24, 2023
The DTCC doesn’t typically witness this level of attention, Balchunas explained, which “speaks to the uniqueness and intensity of this entire saga.”
Related: BlackRock’s spot Bitcoin ETF now listed on Nasdaq trade clearing firm — Bloomberg analyst
Upon IBTC’s re-listing, one X (Twitter) user highlighted that the previous listing showed a “Y” under the “create/redeem” column, while the new listing had an “N.”
One significant change in the DTCC iShares Bitcoin Trust (IBTC) listing I see here. The original listing (on the right) had a “Y” under create/redeem. This one has an “N.” What does that mean @EricBalchunas @JSeyff ? pic.twitter.com/Y89rK2TqlI
— Joe Light (@joelight) October 24, 2023
Bloomberg ETF analyst James Seyffart responded to the query, saying he believes it indicates BlackRock is “getting everything ready to launch if and when they get an SEC approval.”
“The ‘N’ just means it’s not open for create redeem because it’s not live yet,” Seyffart added.
An Oct. 25 Reuters report revealed the IBTC listing was added to the DTCC’s site in August but was only widely noticed a few days ago.
A DTCC spokesperson said it’s standard practice for it to add securities to the NSCC security eligibility file “in preparation for the launch of a new ETF to the market.”
“Appearing on the list is not indicative of an outcome for any outstanding regulatory or other approval processes,” the spokesperson added.
Bitcoin has held steady following IBTC’s reappearance and is up 0.15% in the last hour, according to CoinMarketCap data.
Bitcoin is trading at $33,940, marking a 19.1% gain over the past week.
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