BlackRock’s Spot Bitcoin ETF Relists on DTCC
According to official website data, the iShares Spot Bitcoin ETF (IBTC) of BlackRock has been relisted on the DTCC (Deposit Trust and Clearing Corporation) website. Earlier, IBTC was removed from the website and DTCC experienced a brief outage. This was reported by Jinse Finance.
Bitcoin Funds Receive $61 Million Inflows, Primarily from Germany and Canada
Crypto funds worldwide received over $61 million in new capital on Monday, with almost all of it going towards Bitcoin funds. The influx of capital coincided with Bitcoin's price reaching $35,000, as investors eagerly await a spot Bitcoin ETF to reach the US market. The majority of the inflows came from Germany and Canada, where spot Bitcoin ETFs have been launched. However, US investors are still waiting for approval for a physical Bitcoin ETF, as existing products have seen virtually no flows in the last month. Both Grayscale and 21Shares are competing to launch a spot Bitcoin ETF, with the SEC required to either approve or deny the Ark/21Shares Bitcoin ETF application by January 10.
Former SEC lawyer: Approval of spot Bitcoin ETF is not inevitable
Tom Gorman, a former lawyer for the Securities and Exchange Commission (SEC), said on the Bloomberg Crypto program that the approval of a Bitcoin ETF for spot trading by the SEC is not guaranteed.
“DTCC website has relisted BlackRock IBTC” rumor
Regarding rumors that "DTCC website has relisted BlackRock iShares Bitcoin Trust (IBTC)", after verification, this news is false, and the rumor-monger used screenshots from a few days ago.
The DTCC website is currently down and cannot be accessed.
DTCC website is currently down and cannot be accessed. Earlier reports indicated that the BlackRock iShares Bitcoin Trust (IBTC) had been removed from the DTCC page. Bloomberg ETF analyst James Seyffart speculated that BlackRock may have received a notice from the SEC.
Bitcoin Falls Over 3% as BlackRock's IBTC Ticker Removed from DTCC Website
Bitcoin's value dropped over 3% from its position near $35,000 after the removal of BlackRock's spot bitcoin ETF ticker, IBTC, from the DTCC website. The ticker's appearance had led to speculation about the approval of a spot bitcoin ETF, which contributed to Bitcoin's rise from $30,000 to over $35,000. Institutional investors have shown increasing interest in bitcoin futures, with open interest reaching a record high of $3.4 billion on Monday, according to data from the CME.
Galaxy Research: The potential market size of the U.S. spot Bitcoin ETF could reach $14 trillion in the first year after its launch
According to a report by Galaxy Research, the approval of a Bitcoin ETF for spot trading could bring in significant amounts of capital. The report suggests that the US wealth management industry may be the most accessible and direct market, and could gain the most net new accessibility from an approved Bitcoin ETF. As of October 2023, the total assets managed by brokers, banks, and RIA amounted to $48.3 trillion. Based on these industry figures, the potential market size for the first year after the launch of a US spot Bitcoin ETF could reach $14 trillion, $26 trillion in the second year, and $39 trillion in the third year.
Bitcoin Hits 17-Month Highs as ETF Excitement Boosts Price Action
Bitcoin reached 17-month highs on October 24th due to the excitement around the potential launch of a Bitcoin spot price ETF in the United States. While no official green light has been given, the event is increasingly viewed as a matter of time. Public Bitcoin ETFs worldwide saw the equivalent of 10% of the year-to-date total in inflows over a single 24-hour period. Despite the highs, some traders remain cautious and believe that Bitcoin could nuke lower in Q1 2024 based on the timing of previous price cycles.
Bitcoin Surges on Speculation of Imminent ETF Launch
Bitcoin and other cryptocurrencies continued to surge in Asia trade, with Bitcoin reaching an almost 18-month high on speculation of an imminent exchange-traded fund (ETF). The rise in Bitcoin and crypto-linked shares such as Coinbase Global and MicroStrategy is seen as a result of the potential demand that an ETF would bring.
Crypto Investment Products See Four Weeks of Inflows as Market Awaits Possible Approval of Bitcoin ETF
Investment products in the cryptocurrency market have seen four weeks of inflows, with $179 million added in the week ending October 20th, according to CoinShares' fund flows report. Bitcoin investment products received the majority of inflows, bringing year-to-date inflows to $315 million. However, the recent inflows are still lower than those seen earlier this year when BlackRock first filed for a spot Bitcoin ETF. Solana products also saw significant inflows, while Ether products experienced outflows. Interest in a spot Bitcoin ETF surged following positive signs of approval and a Bitcoin rally.
