The crypto market takes a BlackRock. Despite a lengthy approval procedure, spot Bitcoin ETFs still seem to arouse the desires of crypto investors. It is enough to see how the discovery of the simple mention “iShares (IBTC)” on the Depository Trust & Clearing Corporation (DTCC) set the markets on fire at the start of the week. Then finally this quickly turned out to be just another false joy, following its withdrawal a few hours later. But then he reappeared during the night, like a specter playing a trick… So what’s going on?
iShares Bitcoin Trust… or not?
The cryptocurrency market is known for his almost total lack of control. A specificity which also applies to its investors and the management of their emotions. Because FOMO rush often dominates thinking in the field. And the repeated groping – and somewhat surprising – from the Depository Trust & Clearing Corporation (DTCC) do not help this matter.
Indeed, this American company is at the origin of the addition of BlackRock’s iShares Bitcoin Trust (IBTC) to its spot Bitcoin ETF eligibility file. A recent discovery that has not failed to excite investors about possible imminent approval. However, it seems that this mention already dated last August. But obviously, the price of Bitcoin over the last 48 hours says the opposite.
It would obviously be risky to summarize this sudden surge in Bitcoin at the mere mention of BlackRock’s spot Bitcoin ETF. But the timing is still quite interesting. And, this at least allows BTC to display its best performance over the last 18 months.
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DTCC calls it a standard practice
However, this euphoria could be short-lived. Because, as the clearing house (DTCC) explains in a recent Reuters dispatch, this type of addition simply corresponds to “ a standard practice…in preparation for the launch of a new ETF.” Nothing else !
“Appearance on the list does not indicate the outcome of any ongoing regulatory or other approval process. »
DTCC
Calendar coincidence? The SEC just fined BlackRock $2.5 million who seems to be involved in an investment affair linked to the Aviron group. A good opportunity to remind some that questionable practices do not only concern the cryptocurrency sector.
In any case, the investment giant has been careful not to communicate about the administrative hazards linked to its ETF. A file of which approval seems to have come to a standstillthat is to say stored in the pile to drag as much as possible from Gary Gensler’s office. And the fact that the head of the SEC says he is working hard on this subject is no longer truly reassuring. Because when it comes to cryptocurrencies, its strategy most often boils down to punish and prevent.
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