Bitcoin Wobbles as BlackRock ETF Removed From DTCC List

The Depository Trust and Clearing Corporation (DTCC) has removed BlackRock’s Bitcoin ETF, iBTC, from its ETF list after analysts called attention to it on Monday.

Bitcoin’s price fell shortly after news of the removal broke out, dropping from $34,527 at 15:10 UTC to $33,432 over the next 30 minutes—a 3% drop. It now trades for $33,895, according to CoinGecko.

“I’m guessing the SEC made a call to BlackRock,” predicted Bloomberg ETF analyst James Seyffart in response to the removal.

The DTCC did not immediately respond to a request for comment. BlackRock responded, but declined to comment on the matter since they are “still within the SEC filing restriction period.”

“My guess is they were told to or want to wait until they are days not weeks or months away,” added Bloomberg’s Eric Balchunas. “As I said yesterday it was surprising to see it on there.”

As of Wednesday, the iBTC ticker was restored to the site, and Bitcoin is back to trading above $34,500. “The product was temporarily removed from the website to perform additional research because it was receiving so much attention,” a source familiar with the matter told Decrypt.

The DTCC provides settlement and clearing services for financial markets, such as the NASDAQ. According to Balchunas, being listed on the DTCC is standard procedure for bringing an ETF to market, but typically occurs within a week of the fund actually beginning to trade.

BlackRock’s brief showcase on the company’s site yesterday helped fuel a wave of growing excitement about an imminent spot Bitcoin ETF approval on Monday, a product yet to reach U.S. investors. Bitcoin’s price surged yesterday to a yearly high of $35,000.

The Securities and Exchange Commission (SEC) also received its official order to review Grayscale’s Bitcoin ETF application on Monday. Analysts have posited that the SEC may have run out of reasons to reject it.

However, the SEC’s public comment period for the suitability of BlackRock and other Bitcoin ETF applicants is still live.

“November 8th is the last deadline and usually comments are reviewed for a while,” said Bitcoin supportive-litigator Joe Carlasare on the matter.

In fact, according to a DTCC spokesperson, BlackRock’s Bitcoin ETF was already added to the DTCC’s file back in August. “Appearing on the list is not indicative of an outcome for any outstanding regulatory or other approval processes in respect of a particular ETF fund,” the spokesperson told Decrypt.

Edited by Stacy Elliott.