With the latest development of the BlackRock Bitcoin Trust being listed on DTCC igniting the market, the Bitcoin ecosystem is experiencing a wave of construction boom.

On October 24th at 3am, ETF analyst Eric Balchunas from Bloomberg reported that iShares, a subsidiary of BlackRock, has listed its Bitcoin Trust on DTCC (Depository Trust & Clearing Corporation) with the stock code "IBTC". Shortly after, Bitcoin saw a short-term surge, reaching $31,380, and a few hours later, it reached a new high for the year. This upward trend also brought the BRC20 token $ibtc out of the circle.

"Love Pie Army", the purest meme play cx

OKX data shows that as of the time of writing, the trading volume of $ibtc has reached 214,652 transactions, with a 24-hour trading volume exceeding 7 BTC. The total trading volume is currently 8.0898 BTC, which has increased nearly 10 times compared to the initial price. $ibtc was deployed as early as March, and it can be seen that its attention has increased significantly only after the listing of "IBTC" on DTCC by BlackRock.

The two commonly used phrases in the community when discussing cx $ibtc are as follows: one is "Inscription + BTC", which is an abbreviation for Inscription + Bitcoin; the other is $ibtc, which shares the same name as the stock code for iShares Bitcoin Trust, a subsidiary of BlackRock.

Another BRC20 token $gbtc has also gained a lot of attention due to its name being the same as Grayscale Bitcoin Trust (GBTC).

Community members say that having the same name brings its own traffic. In this narrative-driven circle, $ibtc seems to have a divinely chosen script.

Bitcoin spot ETF has always been a hot topic in the cryptocurrency world. Riding on the popularity of BlackRock's "iBTC", the rise of $ibtc can be seen as a precise strike against the FOMO mentality in the chain coin circle, even calling $ibtc the "new king" and soon to become the top player in the BRC20.

If ETF doesn't pass, what should we do?

"BTC spot ETF is unlikely to be approved soon. Market makers will use this news to manipulate the market and profit from it. Therefore, the probability of the news changing repeatedly is high. Every time news about IBTC comes out, it is free publicity for $ibtc." This is one of the main tricks used by "Love Pie Army" CX. What if the ETF is never approved?

Yesterday, Galaxy Research wrote a report on the market size of Bitcoin ETF, stating that it could attract over $14 billion in funds in the first year. This image has also been widely shared, and everyone is eagerly anticipating the moment it lands.

Related reading: "Galaxy Digital: Reassessing the Market Size of Bitcoin ETF".

We assume that the RIA channel will gradually increase its admission share from 50% in the first year to 100% in the third year. For broker and bank channels, we assume that the admission share will start at 25% in the first year and gradually increase to 75% in the third year. Based on these assumptions, we estimate that the available market size for a US Bitcoin ETF will be approximately $14 trillion in the first year after launch, $26 trillion in the second year, and $39 trillion in the third year.

However, at present, whether the Bitcoin spot ETF will really come as scheduled is still uncertain.

According to a report by CoinDesk, SEC Chairman Gary Gensler refused to comment on any plans regarding a Bitcoin ETF during the Securities Enforcement Forum held in Washington yesterday.

Even the DTCC website has been accused of "market manipulation" in the IBTC discussion. BlockBeats reported that on the evening of October 24th, Belad "IBTC" disappeared from the updated list of DTCC, although IBTC reappeared on the DTCC website list shortly thereafter, but in the "Create/Redeem" item, it changed from the earliest "Y" to "N".

Related reading: "Multiple additions and deletions of BlackRock's Bitcoin spot ETF, is DTCC manipulating the market?"

BlockBeats Note: If "N" is displayed for Create/Redeem, it means that the ETF currently does not allow "creation and redemption" operations. Typically, this "creation and redemption" mechanism allows large investors to exchange baskets of stocks directly with ETF providers to ensure that the difference between the market price of the ETF and its net asset value (NAV) remains within a smaller range. However, if an ETF does not allow this operation, its market price may deviate significantly from its net asset value. Since the ETF has not yet been approved by the SEC, it cannot be traded on the public market, which may be one of the reasons why the ETF does not allow "creation and redemption" operations.

If ETF never passes, can $ibtc really continue to gain "free traffic" in the positive news of Belade IBTC in the market?

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