BlackRock and the Bitcoin ETF: Rumors, Reactions and Implications for the Crypto Market

Anticipation of a Bitcoin ETF approval sent shockwaves through the cryptocurrency market a when, BlackRock’s iShares Bitcoin Trust appeared on the Depository Trust and Clearing Corporation (DTCC) list.

ETF approval a turning point for BlackRock and the crypto world

After the request from BlackRock for a Bitcoin ETF, the crypto sector got carried away, hoping for a quick approval. However, in typical SEC fashion, the SEC has been reluctant, and to date, no applications have been approved.

However, the triumph of Grayscale against the SEC has breathed new hope into those waiting for the green light for a Bitcoin ETF, hinting that the agency may finally give in. Rumours are now circulating that a Bitcoin ETF may be on its way out. iShares Bitcoin Trust of BlackRock.

On the one hand, it is reported that BlackRock has already begun preparations for the ETF and has reportedly even begun raising initial funds to acquire the necessary collateral. On the other hand, the iShares Bitcoin Trust has been identified on the DTCC list, bringing it one step closer to official status.

The crypto market reacts to the various announcements

Eric Balchunas, analyst for Bloomberg, indicated on X that such movements often precede a launch.

The iShares Bitcoin Trust has been listed on DTCC (Depository Trust & Clearing Corporation, which clears trades on NASDAQ). And the ticker will be $IBTC. Again, this is all part of the process of bringing the ETF to market.

The anticipation of such a decision led to a significant rise in the price of Bitcoin. It recorded an increase of 10.8% in one day, reaching $34,332 on Monday, a high not seen for over a year.

The DTCC was then withdrawn, leading to a drop in the market… Before being put back on the site. However, several voices have since been raised, indicating that it had, in fact, been present since August! Did you say manipulation?

What next? That remains to be seen! Meanwhile, at the time of writing, BTC is trading at $34,600.

One thing is (almost) certain, BlackRock has already started accumulating BTC in preparation for the ETF’s exit. And they’re not alone! Players such as Fidelity and WisdomTree have also expressed interest, confirming Bitcoin’s growing importance in the financial world.