Hopes for BlackRock’s spot bitcoin exchange-traded fund (ETF) were dealt a blow this week after the IBTC ticker disappeared from a key listings database, sparking a bitcoin price drop.
On Monday, BlackRock’s proposed iShares Bitcoin Trust was added to the Depository Trust and Clearing Corporation’s (DTCC) reference database with the IBTC ticker symbol.
The move fueled speculation that approval for a spot bitcoin ETF by the world’s largest asset manager was imminent. Bitcoin rallied to over $35,000 following this
However, just a day later, IBTC was removed from the DTCC’s listings without explanation. Additionally, the news dashed hopes for near-term approval, with bitcoin quickly dropping back below $34,000.
DTCC official website is now down
Making matters more puzzling, the DTCC’s official website is now down after the IBTC listing vanished. The IBTC ticker’s appearance and disappearance highlight the sensitivity of the crypto market to any clues around an SEC-approved spot bitcoin ETF.
Several asset managers have filed for spot bitcoin ETFs, but none have been approved. The speculation that fueled the recent rally seems to be slowly cooling down as Bitcoin is now trading at $33,800.