TL;DR
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The ticker symbol for the BlackRock’s spot Bitcoin ETF just showed up on a list managed by the Depository Trust and Clearing Corporation (DTCC).
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The IBTC ticker has since been removed from the DTCC’s list.
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Whether that’s because it shouldn’t have been there in the first place, or because it should have been but was impacting the market too much – we don’t know – but either way, folks are excited for this.
Full Story
The short squeeze we spoke about in our previous article?
You know what helped fuel it all?
Four seemingly insignificant letters, being added one little-known list.
‘IBTC.’
That’s the ticker symbol for the BlackRock’s spot Bitcoin ETF – and it showed up on a list managed by the Depository Trust and Clearing Corporation (DTCC).
(Which provides settlement and clearing services for financial markets, such as the NASDAQ).
Translation: BlackRock’s Bitcoin ETF showed up as an official listing with DTCC, hinting at its imminent launch.
As a result…
Investors attempted to front run the opportunity by buying up BTC → which pushed prices up → which forced a short squeeze → which only pushed things higher.
All in all, roughly $67B worth of value was added to Bitcoin over a five(ish) hour period.
But before you get too excited…
The IBTC ticker has since been removed from the DTCC’s list.
Whether that’s because it shouldn’t have been there in the first place, or because it should have been but was impacting the market too much – we don’t know.
Either way, it just goes to show how excited folks are for this thing to launch.
