#BlackRock Bitcoin ETF Already Listed with DTCC, Seed ETF Preparing#
On October 24, Bloomberg ETF analyst Eric Balchunas wrote that the iShares Bitcoin Trust, a subsidiary of the asset management giant BlackRock, has been listed on the DTCC (U.S. Securities Depository and Clearing Corporation). The ticker symbol will be "IBTC". This is part of the process of bringing a spot Bitcoin ETF to the market. Balchunas said BlackRock said in its recent spot Bitcoin ETF amendment that they would seed their ETF in October. Bitcoin rose sharply, once reaching around $36,000.
Latest
Featured
avatar
Phyrex
It's great to have the opportunity to discuss the liquidation issue of $IBIT with Professor Jiang. First, we need to clarify a few details. 1. The Bitcoin spot ETF trades the ETF itself, not $BTC. 2. The secondary market trading of the BlackRock spot ETF is for $IBIT, and only IBIT. 3. The only instances of Bitcoin in the spot ETF involving Bitcoin are in the primary market buying and redemption, which are provided to BlackRock by various APs (although not market makers, they can be understood as such). 4. When users in the primary market need to issue new IBIT, BlackRock requires APs to provide spot BTC as "certificates" for the corresponding new IBIT issuance. This BTC is held in custodial wallets and cannot be used or traded by BlackRock or any other organization; it is regulated. Currently, the custodian is Coinbase. 5. When users in the primary market need to redeem IBIT, BlackRock needs to transfer BTC to AP. AP then sells the BTC and transfers the funds to BlackRock, which then completes the redemption. 6. Here's the key point: please note that AP's provision or sale of BTC may not be through the market, especially not through the secondary market. AP may even be holding BTC itself. For AP, it only needs to complete the transaction within T+1 timeframe with the required BTC or USD. Therefore, the less than 6,000 BTC sold across the US on Thursday represents all the BTC sold by the ETF. This portion may not all enter the market; even if it does, the maximum is only 6,000 BTC. 7. IBIT itself tracks the price of Bitcoin, which is also very important!! ETFs track price, not BTC itself. This is similar to $MSTR (only the presentation is similar, the structure is different). Does a rise in MSTR necessarily mean a rise in BTC, or a fall in MSTR necessarily mean a fall in BTC? Nobody believes that. And does the price change of MSTR itself affect the price of BTC? There's definitely no direct transmission, because MSTR is an independent asset. The same applies to IBIT. IBIT tracks the price movement of BTC. If BTC rises, IBIT will rise 99.99% of the time. But if BTC rises by 20% today, and BlackRock suddenly announces that its stored BTC has been stolen and cannot be compensated, then IBIT will definitely fall. That's the logic. 8. Will IBIT's secondary market affect the spot price of BTC? There's no direct transmission. Jiang mentioned that the secondary market received sell orders from market makers, which is possible, but at most 6,000 BTC—that's the upper limit. Furthermore, it's almost impossible for AP to sell any more BTC to the market. The only BTC AP can obtain is from transfers from all ETF institutions, including BlackRock. On Thursday, less than 4,000 BTC were transferred out of IBIT, so I don't believe the sharp drop was due to those 4,000 BTC. 9. It's possible that AP itself has other BTC to sell, but this is unrelated to IBIT. AP is independent and has its own BTC reserves and trading. However, the only BTC AP can obtain from IBIT is from the primary market exits; not even 0.01 BTC more. 10. All the pressure in the IBIT secondary market is concentrated on the IBIT stock itself. Buying and selling IBIT is equivalent to buying and selling BTC (price fluctuations), and it doesn't actually affect BTC itself. The above is open for friendly discussion between Mr. Jiang (@Jiangzhuoer2) and everyone else.
江卓尔_莱比特矿池
@Jiangzhuoer2
这点我不同意，我倾向于原因就是IBIT的大规模清算。 1、虽然明面上看起来，IBIT的一级市场并没有卖出多少BTC，但你不知道二级市场接抛压的做市商/套利者，为了对冲，同时在币圈交易所卖出/做空了多少BTC。 x.com/Phyrex_Ni/stat…
IBIT
282.99%
avatar
蓝狐
This crypto market crash differs significantly from previous ones. Previous crashes were largely driven by deleveraging within the crypto community, while this crash was triggered by deleveraging from outside the crypto space. One or more Hong Kong funds used yen carry trades for financing, leveraging IBIT options (especially deep out-of-the-money call options with high gamma), coupled with macroeconomic triggers (a stronger dollar, Middle East risks, and especially high interest rate expectations due to Kevin Warsh's nomination). The result was a chain reaction: Margin Call → Option Liquidation → Forced Liquidation of Spot Markets → Basis Trading Reversal → Chain Reaction. In other words, with the introduction of BTC and ETH ETFs, the four-year cycle of the crypto market has gradually become ineffective. The crypto market is no longer a four-year cycle market for insiders; the influence of outsiders is growing. It's increasingly impossible to predict the significant impact of a single outsider's actions on the entire market. This is why insiders were initially somewhat bewildered by this crash.
BTC
2.32%
avatar
梭教授说
All In 8th, Morning News: In the early hours of the morning, some people in the group were saying there was a bug, while others were watching the excitement and placing orders, and my good buddy was playing with AI 😂. 1. $BTC Everyone thought the pullback would only happen on Sunday, but unexpectedly, it started to TP on Saturday afternoon due to large transfers. Then, in the early morning, the market maker's strategy caused the price to fluctuate wildly. I can only admire people with muscle-like reflexes. 2. $ETH Following BTC's fluctuations, it seems there are no more whales liquidating on-chain, or perhaps on-chain analysts aren't analyzing other whales. The rebound is quite good. 3. $SOL It has dropped more than 200 from 290 at the beginning of last year. Let's see if the withdrawal is complete or what the situation is. There is still wealth creation on the blockchain. 4.Tether Assisted Türkiye in seizing $544 million in crypto assets related to gambling and money laundering networks; 5. Bitcoin mining difficulty decreased by 11.16%, the largest drop since the crackdown on mining in China in 2021; 6.Coinbase CEO: Remains firmly bullish on the crypto industry in the long term; 7. The South African Reserve Bank Governor warned that the increasing use of stablecoins could undermine monetary uniformity; 8.Bitwise Advisor clarifies rumors: Nasdaq has not removed IBIT option position limits; 9. Forward Industries, the largest publicly traded company in Solana, reported a book loss of nearly $1 billion, and its stock price has fallen nearly 90% from its peak. 10. Illinois, USA, proposes the "Community Bitcoin Reserve Act"; 11.BTC ETH experienced short-term abnormal fluctuations across multiple platforms, with amplitudes ranging from approximately 1% to 5%; Group members speculated that the problem likely stemmed from an issue with the market maker on @Bybit_Official. 12. Bloomberg analysts reflect on Bitcoin ETF's failure to reduce volatility: Early holder selling pressure was underestimated; 13. Market prediction expert Kalshi revealed that NBA star Giannis Antetokounmpo holds less than 1% of the company's shares. 14. @cz_binance: Binance is assisting with the recovery efforts following the Bithumb airdrop blunder. Offer help again? 15. Ernst & Young warns: Banks must "have wallets" or they will lose customers; smart wallets may replace the core position of bank accounts. ----------- Try to find more opportunities, I'm really amused by the group members 😂, they're playing games when they should be studying, and studying when they should be playing games 😭. #Bitcoin #Ethereum #Solana #Crypto
BTC
2.32%
avatar
MandyWang
Thread
Learned something new! The black swan event has been found! This article uses data to demonstrate that the recent BTC crash was caused by systemic deleveraging triggered by multi-asset portfolios in traditional finance. On that day, risky assets such as software stocks fell first, forcing multi-strategy funds to reduce their risk exposure. BTC, being included in the same risk basket, was also passively reduced in its holdings. Therefore, what was sold off this time was not "long positions in Bitcoin," but rather "already hedged arbitrage and spread trades" (such as CME basis trading). During the decline, option hedging was triggered, and market makers were passively selling Bitcoin, creating technical selling pressure of "selling as the price falls," thus amplifying the decline. Therefore, during the crash, Bitcoin spot ETFs did not experience the significant net outflows expected; on the contrary, some hedging and market-making activities even brought in subscriptions. Essentially, this is a passive impact during the risk reduction process of traditional financial TRADE, not some conspiracy theory from the native crypto market coming true. This version seems much more plausible than blaming "unidentifiable Hong Kong institutions"! twitter.com/mandywangETH/statu...
BTC
2.32%
loading indicator
Loading..