TL; DR
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The ticker symbol for BlackRock’s spot Bitcoin ETF just appeared on a list maintained by the Depository Trust and Clearing Corporation (DTCC).
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The IBTC ticker has now been removed from the DTCC 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 there but it affected the market too much – we don’t know – but either way, people are excited about this.
Full story
The short squeeze we talked about in our previous article?
Do you know what sparked it all?
Four seemingly unimportant letters, to which a little-known list is added.
‘IBTC.’
That’s the ticker symbol for BlackRock’s spot Bitcoin ETF — and it appeared on a list maintained by the Depository Trust and Clearing Corporation (DTCC).
(Which provides settlement and clearing services for financial markets, such as NASDAQ).
Translation: BlackRock’s Bitcoin ETF appeared as an official listing with DTCC, hinting at its impending launch.
As a result…
Investors tried to seize the opportunity by buying up BTC → which pushed prices up → which forced a short squeeze → which only pushed things higher.
All told, approximately $67 billion in value was added to Bitcoin in a five-hour period.
But before you get too excited…
The IBTC ticker has now been removed from the DTCC list.
Whether that’s because it shouldn’t have been there in the first place, or because it should have been there, but it influenced the market too much, we don’t know.
Either way, it just shows how excited people are for this thing to launch.