Bitcoin Brief - October 2023
Key Events
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The Bitcoin ETF is not Priced In
On Monday, the highly anticipated iShares Bitcoin Trust, a spot ETF by BlackRock, made its debut on the Depository Trust & Clearing Corporation (DTCC) website, a major financial market infrastructure provider offering post-trade clearance, settlement, custody, and information services for equities. This development held significance as it marked the first listing of a Bitcoin spot ETF on DTCC, indicating a growing likelihood of approval for a spot ETF in the near future.
On the very same day, a buzz started circulating regarding revelations stemming from BlackRock's amendment to their ETF proposal. Within this amendment, two key points stood out: firstly, the ETF now boasted a CUSIP, a nine-letter code crucial for identifying North American securities for trade clearance and settlement. Secondly, the ETF's seeding, an initial funding mechanism to acquire a small number of creation units (in this case, BTC) in exchange for tradable ETF shares, was highlighted to occur within October.
The combined impact of BlackRock's ETF listing on the DTCC website and these newfound details within BlackRock's ETF proposal triggered a notable surge in Bitcoin's price, nearly touching $35,000 on Monday.
