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Bitcoin Drops 3% After BlackRock BTC ETF Pulled From DTCC's Website
Monday's addition of IBTC to clearinghouse DTCC's site was a factor in bitcoin's explosive move higher.
Bitcoin [BTC] quickly fell by more than 3% from its perch near $35,000 late Tuesday morning after the ticker for BlackRock's (BLK) spot bitcoin ETF – IBTC – was removed from the Depository Trust & Clearing Corporation's (DTCC) website.
The ticker's appearance on the DTCC site yesterday – rightly or wrongly – had investors speculating about imminent approval for a spot bitcoin ETF, thus playing a factor in BTC's sharp gain from the $30,000 area to more than $35,000.
STORY CONTINUES BELOW
Data from the Chicago Mercantile Exchange (CME) shows that open interest for bitcoin futures surged to a record high of $3.4 billion on Monday, demonstrating growing interest from institutional investors.
Bitcoin at last check was trading at $33,600, still higher by more than 8% over the past 24 hours.
Oliver Knight
Oliver Knight is the co-leader of CoinDesk data tokens and data team. Before joining CoinDesk in 2022 Oliver spent three years as the chief reporter at Coin Rivet. He first started investing in bitcoin in 2013 and spent a period of his career working at a market making firm in the UK. He does not currently have any crypto holdings.
