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.

AccessTimeIconOct 24, 2023 at 3:55 p.m. UTC
Updated Oct 24, 2023 at 7:56 p.m. UTC
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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.

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.

Edited by Stephen Alpher.


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Oliver Knight

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.


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