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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.
Updated Oct 24, 2023, 7:56 p.m. Published Oct 24, 2023, 3:55 p.m.
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.
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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.
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Bitcoin Holds Near $92K as Selling Cools, but Demand Still Lags
ETF inflows have finally turned positive, but weak on-chain activity, defensive derivatives positioning, and negative spot CVD show a market stabilizing without the conviction needed for a sustained move higher.
What to know:
- Bitcoin markets in Asia are stabilizing but remain structurally weak, with short-term holders dominating supply.
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