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Wednesday, November 29, 2023

Bitcoin (BTC) Price Tumbles as BlackRock Spot ETF Ticker Removed

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The Depository Trust and Clearing Corporation (DTCC) removed BlackRock’s Bitcoin ETF, iBTC, from its ETF list shortly after its addition on Monday.

Bitcoin’s price dropped by 3% in response, falling from $34,527 to $33,432 within 30 minutes shortly after the removal was noticed.

  • The drop appears to have triggered $37 million in long liquidations across the crypto market within the past hour, according to CoinGlass.
  • Bloomberg analyst James Seyffart speculated that the Securities and Exchange Commission (SEC) might have influenced the decision. “I’m guessing the SEC made a call to BlackRock,” he tweeted on Tuesday.
  • Being listed on DTCC is a standard procedure for ETFs, typically occurring just before a fund starts trading.
  • BlackRock’s brief mention of the ETF on its site earlier had sparked excitement about an imminent spot Bitcoin ETF approval, boosting Bitcoin’s price to a yearly high of $35,000.
  • SEC officially received an order to review Grayscale’s Bitcoin ETF application, raising expectations of potential approval.
  • The SEC’s public comment period for BlackRock and other Bitcoin ETF applicants is ongoing until November 8th, according to legal expert Joe Carlasare.

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