Bitcoin’s recent surge has been a thrill for traditional finance (TradFi) executives, with some admitting that they had never seen such a level of hysteria before.
The price of Bitcoin (BTC) has surged by nearly 20% in the past week as investors speculate on the possible approval of a spot Bitcoin ETF in the United States. The gains were partly buoyed by eagle-eyed market participants spotting a ticker for iShares Bitcoin Trust (IBTC) on the Depository Trust and Clearing Corporation (DTCC) database.
Many observers considered the ticker evidence that BlackRock’s ETF arm iShares was on the brink of receiving regulatory approval to launch a spot Bitcoin ETF. However, that news has since been debunked, with a DTCC spokesperson confirming that the listing had been on the website since August and did not necessarily signify that BlackRock’s Bitcoin ETF was imminent.
Yet the hysteria created by the possibility of a Bitcoin ETF is one that has thrilled executives in the traditional financial sector. Fox Business reporter Eleanor Terrett notes that many executives are “mind blown” by the level of interest that a potential Bitcoin ETF has generated in the investment world in recent times.
“I mean, we’re excited for these products to come to market too, but this level of hysteria is something we’ve never seen before,” Eleanor quotes one executive as saying. The reporter concludes that TradFi executives are struggling to believe the amount of demand that exists among public market participants to get exposure to the cryptocurrency industry.
I’ve been speaking to a couple of TradFi execs regarding the $BTC Spot ETF and I think it’s interesting how mind blown most of them are about the level of interest it’s created.
In regards to $BTC major rally off the back of the iShares Bitcoin Trust being listed on DTCC’s…
— Eleanor Terrett (@EleanorTerrett) October 24, 2023
Notably, BlackRock’s CEO Larry Fink alluded to such demand in the past week, confirming that his company’s move to launch a spot Bitcoin ETF is a result of demand among its clients for such a product.
Bitcoin Maintains Momentum, Trades Above $34k
The price of Bitcoin has arguably maintained its momentum even after confirmation that the iBTC listing does not signify the imminent launch of BlackRock’s spot Bitcoin ETF.
The leading cryptocurrency traded above $34,000 at the time of writing, defying a retracement from the $33,300 region after confirmation from a DTCC spokesperson. Evidently, market participants remain optimistic that a Bitcoin ETF is around the corner, with experts putting the odds of such a product launching in early 2024 at over 90%