Following Protos’ lengthy op-ed about last week’s erroneous ‘Bitcoin spot exchange-traded fund (ETF) approval’ tweet by Cointelegraph, the fund is once again making headlines for all the wrong reasons.
This time, media outlets and online influencers have hooked into news that the fund was listed at the Depository Trust & Clearing Corporation (DTCC).
For those unfamiliar, the DTCC is the main method by which clearance and settlement of securities and equities (and other financial instruments) is conducted in the US. Unfortunately for crypto X (formerly crypto Twitter), the company has absolutely nothing to do with the listing process for ETFs (or any stocks, bonds, etc, for that matter), so the rush to excitement was unfounded.
Beside this fact, as reported by CoinDesk, the DTCC has had the BlockRock Bitcoin spot ETF listed on its website for months now. This means that the celebration wasn’t only for a ‘nothing-burger,’ but for a nothing-burger that’s been available for quite some time.
Regardless, the enthusiasm and hype have repeatedly had clear market effects: Bitcoin shot up 5% when Cointelegraph falsely reported a Bitcoin spot ETF approval and yesterday it rose ~10%.
It’s unclear if these jumps to conclusions and fake news will matter to the SEC and government regulators or if the gas tank on exuberance will hit empty before the ETF is ever actually approved, but it’s been exciting either way.