Aaryamann Shrivastava
FXStreet
- In the past week, the total crypto market capitalization has added $200 billion, rising from $1.06 trillion to $1.21 trillion on Tuesday.
- The BlackRock spot Bitcoin ETF listing responsible for BTC’s 12.7% rally has been removed.
- The bullishness induced in the crypto market has pushed the Fear and Greed Index to a six-month high, which could be undone.
The crypto market witnessed a spectacular rally in the last 24 hours owing to one key piece of news – BlackRock’s spot Bitcoin ETF listing with the Depository Trust & Clearing Corporation (DTCC). However, as per the latest developments, it seems like the rally may not be able to sustain for long as the listing has been removed on Tuesday from the DTCC website.
Read more - US court upholds ruling in favor of Grayscale, asks SEC to re-review Bitcoin ETF application
BlackRock spot Bitcoin ETF listing removed
The DTCC, a financial services company that provides clearing and settlement services for the financial markets, including the likes of NASDAQ, updated its list of Exchange Traded Funds (ETF). The last time they did this, the market witnessed the appearance of BlackRock’s iShares Bitcoin Trust – the first-of-its-kind spot Bitcoin ETF.
However, the updated website at the time of writing shows that the listing has been removed. The image attached below shows the ticker for the ETF – IBTC – missing from the list of the ETFs.
BlackRock spot Bitcoin ETF missing from DTCC listing
This may not bode well for the market, as the recent rally hinged on just this one development. David Gokhstein, a popular analyst, called the recent rally a sign of the end of the “longest bear market in the history of our industry”. If the crypto market reacts to the news of the BlackRock ETF’s removal from the DTCC the same way they did to its listing, the recent recovery might come undone.
Crypto market sees huge inflows
In the span of three days, the total crypto market capitalization observed an increase of almost $206 billion at the peak. The bullishness in this duration pulled the total capitalization up from $1.06 trillion to $1.21 trillion.
Total crypto market capitalization
Consequently, the optimism in the market increased too, resulting in the Fear and Greed Index rising to 66. Suggesting considerable greed in the crypto market at the moment, the indicator hit a six-month high following the near 20% rally.
Crypto Fear and Greed Index
As mentioned above though, all of this excitement might end and appear in the history of crypto as nothing but a pretense should the market decline again.
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