In a recent development, Bloomberg analyst Eric Balchunas reported that the iShares Bitcoin Trust (IBTC), managed by BlackRock, has been officially listed on the Depository Trust & Clearing Corporation (DTCC). This move is a crucial step in the process of bringing an Exchange-Traded Fund (ETF) tracking Bitcoin to the market.
BlackRock, in their spot Bitcoin ETF amendment, has stated that they are set to seed the ETF in October. Seeding an ETF involves the initial funding, typically provided by a bank or broker dealer, used to purchase creation units—in this case, Bitcoin—in exchange for ETF shares. This announcement is widely regarded as a positive signal, indicating confidence and progress in obtaining approval for a Bitcoin ETF.
The assigned ticker for the iShares Bitcoin Trust is $IBTC
Simultaneously, the cryptocurrency market experienced notable activity, with the price of Bitcoin (BTC) on Binance reaching a peak of $34,888 on October 24. This surge represented a 24-hour increase of 13.5%, reflecting the dynamic nature of the cryptocurrency market.
the amount of liquidated positions in the past four hours amounted to a staggering $217 million. Within this period, $181 million was liquidated for short orders, underlining the volatility and potential risks associated with trading cryptocurrencies.