Despite a lengthy approval procedure, spot Bitcoin ETFs still seem to attract the desire of crypto investors. Just look at how the discovery of the simple mention “iShares (IBTC)” on the Depository Trust & Clearing Corporation (DTCC) set the markets on fire at the start of the week. Then it quickly turned out to be just another false joy, following its removal a few hours later. But then he reappeared during the night, like a specter playing a trick... So what's going on?
ISHARES BITCOIN TRUST… OR NOT?
The cryptocurrency market is known for its almost complete lack of control. A specificity which also applies to its investors and the management of their emotions. Because FOMO type precipitation often dominates thinking in the field. And the repeated – and somewhat surprising – gropings of the Depository Trust & Clearing Corporation (DTCC) are not helping this matter.
Indeed, this American company is at the origin of the addition of BlackRock's iShares Bitcoin Trust (IBTC) in its eligibility file for spot Bitcoin ETFs. A recent discovery that has not failed to excite investors about possible imminent approval. However, it seems that this mention already dates from last August. But obviously, the price of Bitcoin over the last 48 hours says the opposite.
Is the rise in Bitcoin linked to the listing of BlackRock's iShares Bitcoin Trust?
Bitcoin recorded an increase of 20% over the last 7 days It would obviously be risky to summarize this sudden rise in Bitcoin with the sole mention of BlackRock’s spot Bitcoin ETF. But the timing is still quite interesting. And, this at least allows BTC to display its best performance over the last 18 months.