The post BlackRock Bitcoin ETF Hidden on DTCC Site Since August – Market-Shattering Impact This Week appeared first on Coinpedia Fintech News
Initially, the announcement of BlackRock’s proposed ticker caused a surge in Bitcoin’s price as investors anticipated increased institutional interest. However, removing the ticker for spot BTC ETFs on the Depository Trust & Clearing Corp.’s website led to a sharp decline in bitcoin’s value, as uncertainty and disappointment swept through the market.
Listing and Delisting
Before its introduction, BlackRock’s iShares Bitcoin Trust had been posted on the DTCC website, which analysts deemed “notable” because it indicated the asset management behemoth was taking the appropriate precautions, such as acquiring a ticker symbol.
The DTCC provides infrastructural support for clearing and settling securities trades. But as of Tuesday, the proposed ETF was no longer accessible on the DTCC website, suggesting that the SEC may have instructed BlackRock to take it down. That could indicate that approval is not as imminent as the listing first stated.
Pending Consideration From SEC
BlackRock’s spot bitcoin ETF plan is still pending consideration by the SEC, which will take at least 30 days from the conclusion of the public comment period in early November before reaching a decision. There are still open spot bitcoin ETF applications with other companies like Ark Invest.
Therefore, even if approval is no longer expected soon, there are still indications that the SEC will finally approve spot bitcoin ETFs after years of refusal. However, the specific time is yet unknown, indicating that this week’s increase in the price of Bitcoin could be premature.
Analysts judged that BlackRock’s iShares Bitcoin Trust had been placed on the DTCC website before officially launched as ” notable ” since it showed the massive asset management company was taking the necessary steps, such as obtaining a ticker symbol. The DTCC provides infrastructure assistance for clearing and settling securities trades.
The SEC’s decision on BlackRock’s proposal is expected to be made after the completion of the standard 30-day process at the end of the comment period. In addition to BlackRock, Ark Invest and other firms have pending spot bitcoin ETF applications awaiting regulatory approval. Although signs suggest that the SEC may finally allow spot bitcoin ETFs after years of rejections, the exact timing of their decision remains uncertain.
