Bitcoin Pumped in Expectation of the Spot ETF | Crypto Daily Digest Oct.24
After the first gold ETFs were approved in 2003, the price of gold increased by 420% in the following 10 years. And that's for the old and traditional asset, gold. Imagine what the ETF impact could be for Bitcoin?
The Blackrock iShares spot Bitcoin ETF has been listed on the DTCC (Depository Trust Clearing Corporation), marking it as the first spot ETF to achieve this milestone. It now possesses a CUSIP number, a 9-digit alphanumeric code essential for identifying North American and Canadian securities, and will be traded under the ticker symbol $IBTC if approved.
In the most recent iShares S-1 amendment, it was indicated that the cash to fund the ETF would be initiated in October. This implies that BlackRock may be in the process of accumulating Bitcoin this month to support its upcoming spot ETF.
It's worth noting that in 2004, many analysts doubted the substantial impact of a gold ETF on gold prices when it frist launched. However, history proved them wrong as gold's value surged by 420% in the following years. An ETF listed on major stock exchanges offers accessibility to a broad range of investors. It appears that Bitcoin is poised for its moment in the spotlight.
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