BlackRock’s iShares Bitcoin ETF Experiences Temporary Disappearance from DTCC
On October 24th, the cryptocurrency market saw a surge in excitement as BlackRock’s iShares Bitcoin ETF (IBTC) was listed on the Depository Trust and Clearing Corporation (DTCC), a key player in processing transactions for NASDAQ. Bitcoin’s price rallied to new yearly highs, approaching the $35,000 mark.
However, on the evening of October 24th, IBTC suddenly disappeared from DTCC. This news prompted a rush of people attempting to access DTCC’s website for verification, causing the site to crash. Simultaneously, Bitcoin’s price experienced a nearly 3% drop, falling to $33,000. This indicated that much of the Bitcoin trading activity seemed to revolve around monitoring developments related to ETFs.
The DTCC website went down due to the surge in traffic. Fortunately, a few hours later, in the early hours of October 25th, IBTC reappeared on the DTCC website.
Immediately following this, the cryptocurrency market regained its enthusiasm, and Bitcoin’s price broke free from $35,000, reaching around $35,300, after which it corrected to $34,300 at the time of writing.
Notably, when IBTC was relisted, a Twitter user pointed out an anomaly. Specifically, in the “create/redeem” column of the previous list, IBTC was marked with an “Y,” while the new list displayed an “N.”
Regarding this matter, Bloomberg ETF analyst James Seyffart explained, “The ‘N’ means it is not available for create/redeem because it is not operational. BlackRock is getting everything ready for launch, and now it’s just awaiting SEC approval.”
It’s evident that the disappearance of the fund on DTCC for a few hours was related to an update in information.