Bitcoin (BTC) Price Analysis: BTC Unmoved As Invesco Galaxy Spot Bitcoin ETF Appears On DTCC Website

Bitcoin (BTC) Price Analysis: BTC Unmoved As Invesco Galaxy Spot Bitcoin ETF Appears On DTCC Website

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In a significant development, the ticker for Invesco and Galaxy’s spot Bitcoin exchange-traded fund (ETF) has appeared on the Depository Trust and Clearing Corporation’s (DTCC) website. 

The Invesco and Galaxy spot Bitcoin ETF’s addition to the DTCC website comes after BlackRock’s application was recently added to the DTCC list. 

Invesco Galaxy Spot Bitcoin ETF Added To DTCC List 

The recent addition of BlackRock’s application to the website list resulted in a considerable rally in the Bitcoin (BTC) price. However, the BlackRock application was later removed from the list and did not appear for some time. Currently, both the BlackRock and Invesco and Galaxy spot Bitcoin ETF applications are on the DTCC list. According to reports, the BlackRock application was removed because it was attracting too much attention, which required it to be investigated. 

The Invesco and Galaxy spot Bitcoin ETF was added to the list sometime in the last six days. The web archiver WayBack Machine shows no record or listing under the ticker BTCO was present on the 25th of October. 

No Guarantee Of Approval 

Adding a ticker on the list of products on the DTCC website does not guarantee future approval for the ETF in question. According to a spokesperson for the DTCC, it is standard practice for the Depository Trust and Clearing Corporation to add securities to the NSCC security eligibility file “in preparation for the launch of a new ETF to the market.” 

“Appearing on the list is not indicative of an outcome for any outstanding regulatory or other approval processes.”

The application for the joint spot Bitcoin ETF, managed by global investment firm Invesco and crypto asset fund Galaxy Digital, was reactivated on the 21st of June. The move to re-lodge the application with the United States Securities and Exchange Commission (SEC) comes after a barrage of similar filings for spot Bitcoin ETF products. The surge in applications was triggered by investment behemoth BlackRock filing its landmark application for a spot Bitcoin ETF on the 15th of June. 

The Depository Trust And Clearing Corporation 

The Depository Trust and Clearing Corporation plays a crucial role in the American ETF markets. When a spot bitcoin ETF application is added to the DTCC list, it means an intermediary bank has requested a DTCC designation for that particular ETF fund. It also means the bank may execute this transaction at an unspecified date in the future, following approval from the Securities and Exchange Commission of the DTCC. 

However, it must be stressed that this is standard procedure for launching an ETF and does not indicate any guarantee of success in pending regulatory and other approval processes. 

Bitcoin Price Action 

Bitcoin closed the month of October by remaining above the $34,000 mark, with the world’s largest cryptocurrency trading at $34,473 at the time of writing. The cryptocurrency has registered an increase of just over 23% over the past month. Now, market watchers are speculating whether it can cross the $35,000 mark or drop back towards lows of around $33,743. 

The hype around a spot bitcoin ETF seems to be underpinning Bitcoin at the moment. If we see a rejection of the BlackRock ETF, we could see a deeper retracement. However, the markets are currently leaning on the side of approval. 

From a technical standpoint, Bitcoin is currently stuck between a $2,000 range between $33,300 and $35,300. Price action is volatile, and while the markets appeared ready for a new high, the bearish doji candle close hinted at a fresh low. The $34,170 support area has so far held firm, but it remains to be seen if the price can push above the $35,300 mark.

Meanwhile, CoinShares has reported a huge surge in crypto investment product inflows, which reached a high of $326 million last week, a level not seen since July 2022. Out of this figure, Bitcoin accounted for $296.3 million. 

“Bitcoin saw 90% of the inflows at US$296m, although recent price rises also prompted inflows of US$15m into short-Bitcoin investment products.”

The previous week saw CoinShares note a total inflow of $66 million, five times less than the numbers seen in the following week.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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