Bitcoin Market Cap Hits $670 Billion as BlackRock and Grayscale Make Progress Towards Bitcoin ETF Listing
Bitcoin Surges 12% to Reach $35,000
The market cap of Bitcoin has reached $670 billion, following a record-breaking 12% surge to $35,000 on Tuesday. This significant increase saw Bitcoin trading at $34,449 with a 12.14% rise within 24 hours. The surge coincides with BlackRock’s iShares Bitcoin Trust listing on the Depository Trust & Clearing Corporation (DTCC) and the imminent seeding of its iShares Bitcoin ETF. Progress towards a US spot Bitcoin ETF listing, under ticker IBTC, was highlighted by MartyPartyMusic and Bloomberg’s senior ETF analyst Eric Balchunas on Twitter.
BlackRock and Grayscale Advance in Bitcoin Spot ETF Market
On Monday, as Bitcoin breached $35,000 on Coinbase and achieved a market cap of over $650 billion with a seven-day rise of 16.60%, BlackRock and Grayscale were making strides in the Bitcoin spot ETF market. Scott Johnsson, a finance lawyer at Davis Polk & Wardwell LLP, disclosed that BlackRock had procured a CUSIP (Committee on Uniform Securities Identification Procedures) through iShares amendments. This move signals readiness for its spot Bitcoin ETF launch and possible plans for cash seeding. Crypto netizen CryptoMartyX interpreted this as BlackRock’s potential initial capital investment into the ETF.
Grayscale Gears Up for Spot Bitcoin ETF Launch
Simultaneously, Grayscale is also gearing up for its spot Bitcoin ETF launch. The SEC’s non-objection to a court ruling against its unfair denial of Grayscale Investments’ application has led to heightened anticipation for a Bitcoin ETF. A US federal court ordered the SEC to review Grayscale’s application, with approval predicted by Bloomberg Intelligence analysts Elliott Stein and James Seyffart. Amid these developments, Justin d’Anethan of Keyrock noted improved crypto market liquidity.
Pivotal Advancements Towards a Spot Bitcoin ETF
These advancements by BlackRock and Grayscale could be pivotal in meeting the escalating demand for a spot Bitcoin ETF in the crypto market. Unlike the volatile stock market, Bitcoin is showing hedge-like characteristics, which could attract more investors to the crypto market.
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