The highly anticipated approval of a spot bitcoin exchange-traded fund (ETF) in the United States has seemingly hit a roadblock, as BlackRock’s iShares Bitcoin Trust vanished from the Depository Trust and Clearing Corporation (DTCC) website. This development raises questions about the true timeline of the approval process and dampens previously optimistic expectations.
BlackRock Listing Removed from DTCC Website
BlackRock’s iShares Bitcoin Trust, viewed as a frontrunner for the first Bitcoin ETF to be approved, was listed on the DTCC website, leading many to believe that approval was imminent. However, the listing has now been removed, casting doubt on the current status of the approval process and causing a shift in market sentiment.
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Hahha. I’m guessing the SEC made a call to BlackRock https://t.co/ApvSsQv5gC
— James Seyffart (@JSeyff) October 24, 2023
Analysts Weigh In
Industry analysts at Bloomberg have offered their insights into the removal of the BlackRock listing. Eric Balchunas, a Bloomberg analyst, noted that the removal was significant, signaling that BlackRock was at the forefront of the necessary logistics related to the ETF’s launch.
He emphasized, “Hard not to view this as them getting signal that approval is certain/imminent.”
On the other hand, James Seyffart, another Bloomberg analyst, believes that the Securities and Exchange Commission (SEC) may have simply advised BlackRock to hold off on listing the ETF on the DTCC website until closer to the approval date.
“I’m guessing the SEC made a call to BlackRock,” Seyffart remarked on Twitter.
Balchunas responded, “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 [yesterday], it was surprising to see it on there.”
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Impact on Investors
The removal of BlackRock’s iShares Bitcoin Trust listing from the DTCC website serves as a setback for investors eagerly anticipating the approval of a spot Bitcoin ETF. It is crucial to highlight that the SEC has yet to make a final decision on BlackRock’s application, leaving room for potential approval in the future.
In the meantime, investors interested in Bitcoin may want to explore alternative options such as purchasing Bitcoin directly from a cryptocurrency exchange or considering a Bitcoin futures ETF as potential investment avenues.
The removal of BlackRock’s iShares Bitcoin Trust listing from the DTCC website introduces uncertainty surrounding the approval of a spot Bitcoin ETF in the United States. Investors aspiring to invest in Bitcoin should carefully evaluate their options and remain updated on developments in the ETF approval process.
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