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- 1 Even a slight update or rumor of development around Bitcoin ETFs is bolstering the BTC price.
- 2 ARK Invest’s proposed spot BTC ETF was also rumored to be listed in DTCC.
Bitcoin spot ETFs are among the trending keywords across the wider cryptocurrency market in the past couple of days. One instance of an “alleged” listing of BlackRock’s proposed spot BTC ETF on DTCC resulted in crypto assets’ price hitting $35,000. The havoc around it was yet to get settled but rumors of Ark Invest’s spot BTC ETF listing on DTCC spread wildly.
On Wednesday, October 25, many prominent names in the crypto industry took to the social media platform X (formerly Twitter) and claimed the joining of spot Bitcoin ETF of ARK Invest and 21 Shares listed on the website of Depository Trust and Clearing Corporations (DTCC).
When confirmed by TheCoinRepublic, no ticker related to said spot Bitcoin ETF product “AKRB” was listed on the site. All that was showing there were other different ETFs except for the proposed spot BTC ETF which is yet to get approved.
For instance, ‘AKRA’ ticker for ARK 21Shares Active Bitcoin Futures ETF is a fund that offers Bitcoin futures contracts to investors. The product was reportedly filed on August 11 and still awaiting approval from the Securities and Exchange Commission.
Similarly, ARKY belongs to Ark 21Shares Active Ethereum Futures ETF and ARKZ is for ARK 21Shares Active Bitcoin Ethereum Strategy ETF. These two products are also seeking approval from the U.S. financial regulator.
Clearly, there was mention of ARK Invest and 21 Shares’ proposed spot Bitcoin ETF on the website. Yet, many well-known crypto personalities posted on X informing about the listing. This includes posts from Mike Alfred, Crypto News Alerts, and Bitcoin News, among several others. Interestingly, these posts also had screenshots claiming ARKA listing on DTCC, which is not visible when TheCoinRepublic cross-checked.
Bitcoin Price Go Sensitive In Front of Spot ETFs News
Bitcoin (BTC) price attained its May 2022 levels around $35,000 following the rumors of a major update in BlackRock’s spot Bitcoin ETF. Traders saw the ticker of Bitcoin exchange-traded fund products listed on Depository Trust and Clearing Corporation (DTCC). This instance boosted the optimism which ended up pushing the price up to 20% in the last two days.
However, DTCC clarified that the ticker was on the website since August this year and it’s a procedure to add and check for products yet to get approved. The ticker was reportedly removed from the platform.
The instance proved again how sensitive the BTC price is against Bitcoin spot ETF updates.
Cathie Wood’s Ark Invest continued its trend of selling shares in Coinbase and Grayscale Bitcoin Trust for the second consecutive day, according to an update from the fund manager’s trading desk on Tuesday. The Ark’s Next Generation Internet ETF offloaded 21,062 shares of Coinbase and 72,509 shares of GBTC.
All the transactions that took place were valued at approximately $3.6 Million. It was after calculating the closing price of Coinbase’s $82.07 and GBTC’s $26.16 on Tuesday. These sales come on the heels of the sale of Coinbase and GBTC shares on Monday by Ark, amounting to $5.8 Million.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
