For the past few weeks, Bitcoin ETF applications have become a central topic. Two of the latest applications, the one filed by BlackRock and the one by Invesco & Galaxy Spot BITCOIN ETF (BTCO), have generated particular excitement in the market.
BlackRock’s initial application for a Bitcoin ETF sparked significant interest in the financial community.
Its inclusion in the Depository Trust & Clearing Corporation (DTCC) list led to a substantial increase in the price of Bitcoin. However, that initial enthusiasm was overshadowed when the application was temporarily removed from the list.
Supposedly, this was due to the excessive attention that BlackRock’s application was attracting. They wanted to investigate the causes of the commotion further.
The DTCC plays a crucial role in the ETF market in the United States, as its list is a significant indicator for investors and the market as a whole.
It’s important to note that inclusion in this list does not guarantee the approval of BTC ETF applications. In the case of BlackRock, their application was temporarily withdrawn, underscoring that being on the DTCC list is not a guarantee of success in pending regulatory processes.
The Race for Bitcoin ETF Approval
Now, a new application has entered the scene: the Invesco Galaxy Bitcoin ETF (BTCO). Its presence on the DTCC list is a step forward in the application process, but like in the case of BlackRock, it does not indicate imminent approval.
Inclusion on the DTCC list can impact Bitcoin prices and create expectations, but it is not a guarantee of regulatory approval.
It is important to note that, in the words of a DTCC spokesperson, inclusion on the list is part of the standard process in preparation for the launch of a new ETF in the market.
The joint application from Invesco and Galaxy was reactivated in June in response to BlackRock’s application submission.
This decision was made amid a wave of similar Bitcoin ETF submissions, triggered by BlackRock’s historic application on June 15. The reactivation of Invesco and Galaxy’s application demonstrates the growing interest and competition in this space.
No one wants to be left behind, and certainly not left out of the opportunity that Bitcoin ETF approval represents.
The regulatory process is a significant step and will ultimately determine whether these applications become approved Bitcoin ETFs. The entire community will need to stay tuned for any updates as they unfold.