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Crypto enthusiasts were confused when BlackRock’s spot Bitcoin ETF (IBTC) disappeared for a while and then reappeared again on the DTCC. This news sent the crypto market into frenzy as they speculate the potential approval of a BlackRock’s ETF. The market reaction was expected .

ETF back on website Source: DTCC How it all unfolded?

IBTC listed on the DTCC website on October 23. Bitcoin immediately experienced a surge to new yearly highs. Investors are excited anticipating the approval of a spot ETF.

However, it was short-lived since the ticker mysteriously vanished from the site a few hours later, causing Bitcoin’s price to plummet by nearly 3%. This rollercoaster ride is an evidence of the pivotal role that ETF-related developments play in the crypto space.

Eric Balchunas, a Senior Bloomberg ETF analyst, pointed out that the drama temporarily crashed the DTCC website. The attention garnered by the DTCC in this context highlights the intensity of this ETF saga.

Looks like the DTCC website has crashed pic.twitter.com/UyrrfAl2Eu

— Eric Balchunas (@EricBalchunas) October 24, 2023

What changed after IBTC was on the list again?

An observant Twitter user spotted a crucial change on the DTCC website after the re-listing of IBTC. The new listing featured an “N” instead of a “Y” under the “create/redeem” column.

James Seyffart, another Bloomberg ETF analyst, says that the “N” indicates BlackRock is meticulously preparing for the ETF’s launch. This is obviously, contingent on SEC approval. He explained that the “N” signifies that the ETF is not yet open for create and redeem, as it’s not live.

Interestingly, Reuters reports that the IBTC listing had been on the site since August. It only gained widespread attention a few days ago.

Does the listing mean an approval is on the way?

A DTCC spokesperson clarified that this addition to the NSCC security eligibility file. It is a standard practice done in preparation for launching a new ETF into the market. He also clarified that appearance of a security on the list does not mean any outcome in terms of regulatory approval.

Bitcoin held itself steady following IBTC’s rollercoaster of events. It is 0.15% up in the last hour. Bitcoin has recorded an impressive 19.1% gain over the past week, currently trading at $33,940. It underlines its resilience in the face of evolving market dynamics.

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