BlackRock Bitcoin Spot ETF Leads, BTC Experiences Two Days of Significant Price Volatility

The US stock market halted a five-day decline, while Bitcoin surged due to the news of BlackRock's Bitcoin spot ETF IBTC set to launch soon, leading to an exciting short squeeze. BTC started rising from above $30,000 in the early hours of yesterday, reaching a high of $35,280. As the institutions applying for the ETF have chosen Coinbase as the Bitcoin custodian, Coinbase surged by 6.29% yesterday. MicroStrategy, whose core business is buying coins, not only profited from its holdings but also saw its stock rise by 12.55%.

BlackRock's iShares Bitcoin Trust IBTC Leads, Bitcoin Sees Two Consecutive Days of Volatility

The highly anticipated Bitcoin spot ETF iShares Bitcoin Trust IBTC by asset management giant BlackRock appeared on the maintenance list of the Depository Trust and Clearing Corporation, DTCC in the United States. BlackRock is also expected to inject seed funding into the ETF in October. Bitcoin has been quietly rising since Monday, reaching a high of 35,280 yesterday!

However, it was reported last night that IBTC has been removed from the Depository Trust and Clearing Corporation DTCC in the United States. Bloomberg ETF analyst James Seyffart joked on Twitter, "I guess the SEC called BlackRock."

Bitcoin fell upon hearing the news but remained above 33K, with a price of 33,931 at press time. In response, Gabor Gurbacs, director at VanEck, commented, "If you are bearish like this, you will not succeed. It is obvious that institutions are serious about a spot Bitcoin ETF, and the largest and most skilled industry giants are working hard to make a spot Bitcoin ETF a reality."

After a long absence, the cryptocurrency market once again witnessed the saying that a day in the cryptocurrency world is like ten years in the real world. A recap of recent events:

Bitcoin Surges to 34K! Is BlackRock's Bitcoin Spot ETF Launching?

Bitcoin ETF Running Too Fast? BlackRock IBTC Pre-Registered Code Removed from DTCC

BlackRock BTC ETF Code Removed? Expert: If You're Bearish, You're Not Gonna Make It

Market Volatility Requires Effective Risk Management

In response to the recent significant price fluctuations, derivatives exchange Deribit announced that to enhance risk management, it will increase margin requirements. At the same time, the maximum leverage ratio for BTC and ETH futures has been reduced from 50x to 25x, while perpetual contracts remain unaffected.

Furthermore, according to Coinglass data, the amount liquidated in the past 24 hours amounted to a high of 288 million USD, with Bitcoin accounting for 119 million USD and Ethereum for 56.37 million USD. Investors need to ensure effective risk management.