BlackRock Bitcoin ETF Returns On DTCC After Vanishing, But There's A Slight Change

A trader works as a screen displays the trading information for BlackRock on the floor of the NYSE in New York — Reuters

The proposed iShares Bitcoin exchange-traded fund (ETF) with the ticker IBTC of the New York-based investment giant BlackRock has returned on the official website of the Depository Trust and Clearing Corporation (DTCC) after vanishing Tuesday morning. But there is a slight change.

IBTC was first spotted on the DTCC website Monday, which sent Bitcoin, the world's largest crypto asset by market capitalization, in an uptrend and traded later that day at around $35,200. Later, it retraced to $34,000 and then $33,000.

The ticker, which triggered market-wide speculations, quietly disappeared from the DTCC website, causing the price of the king of crypto to plummet by 3% and suggesting that the trading activity on that day seemed to be linked to developments related to spot Bitcoin ETF applications.

The IBTC could also be the reason behind the crash of the DTCC website. The issue was later fixed and the website went back online. However, a DTCC spokesperson clarified that the IBTC has been on its website since August.

The ticker resurfaced on the website eventually, but eagle-eyed individuals within the crypto community noticed that there was a slight change in the details of the iShares Bitcoin ETF ticker.

"One significant change in the DTCC iShares Bitcoin Trust (IBTC) listing I see here. The original listing (on the right) had a 'Y' under create/redeem. This one has an 'N,'" shared an X user who uses the handle @joeligh.

Bloomberg Intelligence ETF analyst James Seyffart said, "I believe it's just whether or not it's open to creations/redemptions?"

Eric Balchunas, another Bloomberg Intelligence ETF analyst, said that he needs to look at the change later, adding that "some of the other ETFs on there are open and have N as well. But the overall point of these details not meaning much more than BlackRock getting ducks in a row is the big takeaway."

I gotta look into it later, but some of the other ETFs on there are open and have N as well. But the overall point of these details not meaning much more than blackrock getting ducks in a row is the big take away
— Eric Balchunas (@EricBalchunas) October 24, 2023

The ticker on the DTCC website is still a mystery to the crypto community, with Balchunas noting that it is not just the listing on the website that was surprising but "having a ticker ready and the Oct seeding that gave off a pre-launch crossing t's and dotting i's vibe."

Oh yeah look at that.. good catch, not totally shocked my guess is they were told to or want to wait until they are days not weeks or months away. As I said yest it was surprising to see it on there
— Eric Balchunas (@EricBalchunas) October 24, 2023

BlackRock, whose spot Bitcoin ETF filing is at the center of speculations, maintained that the application in question is still within the SEC's "filing restriction period."

BTC was trading in the red zone at $34,182.50 as of 5:48 a.m. ET on Wednesday, with a 24-hour trading volume down by 34.35% at $32,087,528,953. It represented a 0.78% decrease in the last 24 hours and a 19.6% gain over the past seven days.

BTC's total circulating supply stands at 19,523,425 BTC, with its value up by 0.79% at a $667,038,525,880 market cap, according to data from CoinMarketCap.

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