Bitcoin Climbs To 18-Month High as BlackRock Listing Reappears

By Aaron Feuerstein October 25, 2023 In Bitcoin, Blackrock, ETF
  • BlackRock has applied for a Spot Bitcoin ETF, but no decision has been made yet.
  • A listing on the Nasdaq has led some investors to mistakenly assume that approval is imminent.
  • With the commotion around the listing, the crypto market enjoys a sustained rally, prompting calls for an end to crypto winter.

After making headlines for its potential entry into the Bitcoin (BTC) market, BlackRock appears to have triggered a crypto buying frenzy. Bitcoin and most major cryptocurrencies rallied on Tuesday, adding billions of dollars to the global crypto market cap. Meanwhile, BlackRock’s Spot Bitcoin ETF was delisted and relisted on Nasdaq.

Blackrock’s Spot Bitcoin Fund

The fund, named iShares Bitcoin Trust (IBTC), has been listed on the Depository Trust & Clearing Corporation, which manages transactions on the Nasdaq. However, this move doesn’t necessarily bring BlackRock any closer to launching a spot Bitcoin ETF. It is a first step to ensure a swift market entry upon receiving approval. Despite BlackRock’s efforts, some experts think that most spot Bitcoin ETFs will debut simultaneously.

Bloomberg’s ETF analyst Eric Balchunas stated, “But the overall point of these details not meaning much more than BlackRock getting ducks in a row is the big take away.”

Disappearing and Reappearing

Interestingly, the listing, albeit not that significant, then disappeared on Tuesday evening U.S. time, only to appear again shortly after. Eric Balchunas jumped in saying, “Yeah, look at this… Good catch, I can’t say I’m completely surprised, my guess is that BlackRock was told to wait until it’s days, not weeks or months, or they want to wait. As I said yesterday, it was surprising to see this on the list in the first place.”

Not surprisingly, the delisting sparked a dip in the market while the relisting caused the market to rally once again. The relisting reignited investor belief a Spot ETF approval was near.

Currently Bitcoin is trading at US $34,176 (AU $53,503) as data from CoinMarketCap shows. Over the past week, the top cryptocurrency by market cap gained 20% and has now reached highs not seen since 2022.

Source: CoinMarketCap 

Is Crypto Spring Here?

With the current uptrend many ask themselves if the long crypto winter is finally over. Morgan Stanley recommends examining various factors, including time since the last peak, Bitcoin’s price fall, miner activities, and other technical indicators, to identify a ‘crypto spring’.

Indications point towards a shift from a crypto winter to a spring, but history doesn’t ensure future results, with external issues like regulations potentially affecting the cycle. Denny Galindo, the report’s author, emphasised the importance of understanding the market’s cyclical nature rather than predicting the optimal time to trade.

Aaron Feuerstein

Aaron Feuerstein

Aaron Feuerstein is a freelance writer based in Melbourne. His focus is on decentralised finance and the regulatory space surrounding blockchain. He holds a Master's in Accounting. When he is not studying the latest legal case, he enjoys his time as a modest but eager hobby cook.

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