Thanks to these two signals, Bitcoin exploded and crossed the 32,000 euro mark

Thanks to these two signals, Bitcoin exploded and crossed the 32,000 euro mark

Bitcoin’s price crossed the $32,000 mark last night, marking an increase of more than 10% in the past 24 hours. There are two reasons for this and both have to do with BlackRock’s Bitcoin ETF.

Character 1: IBTC registration ticker

Blackrock has the iShares Bitcoin Trust written at DTCC (Depository Trust & Clearing Corporation), which regulates transactions on the NASDAQ stock exchange. This new fund will trade under the symbol IBTC.

Eric Balchunas, a Bloomberg analyst specializing in ETFs, noted that the choice of the IBTC name may not be the most exciting, but it fits the BlackRock brand. This could potentially attract wealthy clients who use asset managers.

What makes this even more remarkable is that this is the first time a spot ETF has been listed on the DTCC. Other potential ETFs have not yet reached this milestone.

Balchunas emphasized that BlackRock often takes a proactive approach to logistics, such as selecting the ticker name and DTCC listing, often right before a new fund is launched. This has led to speculation that approval of this ETF is fast approaching.

Why would BlackRock do this now if there is a possibility that the SEC could deny the request? According to Balchunas, the fund manager may have received a signal that approval is likely to be granted, or is simply preparing for the approval.

Still, the analyst expects multiple ETFs to launch simultaneously before BlackRock hears about them.

Signal 2: The Bitcoin ETF has received a CUSIP number

This is in line with previous reports that BlackRock plans to launch this fund in October. Scott Johnsson, investor at Van Buren Capital, exposed this information and noted that BlackRock had obtained a CUSIP number for the ETF. This number serves as a unique identification code for securities, essential during issuance and trading.

Balchunas explains that filling an ETF typically occurs when initial funding is provided by a bank or broker, which acquires a number of creation units on the first day of trading in exchange for ETF shares that can be traded on the open market. Think of it as a form of pre-financing.

While Balchunas admits he doesn’t want to delve too deeply into the details, he emphasized that this process is happening as ETFs prepare for launch.

There is no official approval yet, but BlackRock seems to be behaving as if it is only a matter of time. Bitcoin’s price is also rising significantly in the rest of the market.

Source: BtcDirect

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