Key Points:
- IBTC DTCC listing fueled speculation SEC approval was near.
- Bitcoin shot above $35K last week on imminent launch hopes.
- Delisting implies approval uncertainties remain amid SEC review.
IBTC Listing Disappears After Fueling $35K BTC Price Run
Just days after sparking a Bitcoin price surge, BlackRock’s anticipated spot BTC ETF has mysteriously vanished from DTCC’s website.
The proposed fund’s IBTC ticker appeared on DTCC last week, interpreted as a sign that approval was imminent. Bitcoin shot above $35,000 on the news.
But now, the listing is gone without explanation, casting doubt on how close SEC approval may actually be. Bitcoin fell over 3% on the development, erasing some recent gains.
The IBTC listing was the first Bitcoin spot ETF to appear on DTCC, which handles key post-trading services. Analysts saw it as an indication launch logistics were underway.
Some speculated BlackRock received direct SEC guidance to remove the premature DTCC entry. The SEC filing process limits publicity during ongoing reviews.
No Imminent Approval After All?
While BlackRock did not comment, the sudden reversal signals approval may not be as near as last week’s news suggested.
The SEC has yet to greenlight a spot Bitcoin ETF in the US, having delayed current applications for further review last month.
Some thought BlackRock was getting insider cues that approval was forthcoming based on the IBTC listing. But this week’s delisting implies there is still ambiguity around the SEC’s ultimate decision.
BTC Price Retreats on Uncertainty
After surging above $35,000 thanks to launch excitement, Bitcoin has pared back gains as doubts resurface. Price action shows the market’s sensitivity to ETF developments.
This rollercoaster highlights the risk of reading too much into speculative tea leaves. While approval optimism boosted Bitcoin last week, unanswered questions have now cooled the rally.
Until the SEC provides clarity, uncertainty will cause volatility around ETF prospects. This will likely persist throughout the ongoing review process.
The path forward remains unclear. For now, the SEC’s closed-door approach keeps observers guessing about when the first spot Bitcoin ETF will finally get a green light.
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