In the volatile world of cryptocurrency, the approval of a Bitcoin Exchange-Traded Fund (ETF) has been a topic of heated discussion and anticipation. The market has been on edge, waiting for the green light from regulatory bodies, primarily the U.S. Securities and Exchange Commission (SEC). However, the journey towards approval has been marred by confusion, fakeouts, and market turbulence.

Learn more: What is ETF?

Let’s delve into the instances that left the crypto community in a whirlwind of speculation and surprise.

BTC ETF fakeout

The BlackRock iShares Confusion

In a dramatic turn of events, the cryptocurrency market experienced a sudden surge in Bitcoin prices following a now-debunked report on a Bitcoin ETF approval.

A cryptocurrency news site, Cointelegraph, erroneously reported that BlackRock’s iShares division had secured the SEC’s approval for a pioneering Bitcoin spot ETF. This news sent Bitcoin prices skyrocketing to the $30K mark, only for it to plummet back to around $28K once the report was refuted by official confirmations from both the SEC and Nasdaq.

BlackRock itself issued a statement clarifying that their proposed Bitcoin spot ETF was still under review by the SEC.

Learn more: Who is Blackrock?

The Second Fakeout: A Vanishing Act

In another intriguing episode, BlackRock’s proposed iShares Bitcoin ETF, with the ticker IBTC, briefly appeared on the Depository Trust and Clearing Corporation (DTCC) website, only to vanish shortly after. This occurrence sent ripples through the market, causing Bitcoin prices to momentarily rally before settling back down.

The listing of IBTC on the DTCC website was a significant move, often seen as a precursor to the launch of an ETF. The crypto community, always on the lookout for signs of progress in the approval of a Bitcoin spot ETF, was quick to notice this development. However, the listing mysteriously disappeared from the DTCC website, leading to speculation and uncertainty.

Some analysts speculated that the U.S. Securities and Exchange Commission (SEC) might have intervened, causing the removal of the listing. Both the SEC and BlackRock declined to comment when queried about the status of IBTC on the DTCC website.

Market Reaction and Speculation

The market’s response to these developments was swift, reflecting the high level of anticipation and sensitivity surrounding the approval of a Bitcoin spot ETF. Bitcoin prices experienced fluctuations, showcasing the market’s reactive nature to news and developments in the ETF approval process.

The Impact of Approval

The approval of a Bitcoin spot ETF by the SEC could significantly bolster mainstream acceptance of Bitcoin investing, opening it up to a broader investor base. It marks a critical juncture in the evolution of the cryptocurrency market, with far-reaching implications that could shape the future of cryptocurrency investments.

Bitcoin ETF

Photo credit: Bitcoin coin with ETF text on coins by Marco Verch under Creative Commons 2.0

Strategies to Avoid Confusion and Volatility

In the tumultuous seas of cryptocurrency, where news and rumors can stir significant waves, investors and enthusiasts need a compass to navigate through the uncertainty and volatility.

Here are some strategies to stay steady amidst the storm of news updates and fakeouts:

1. Verify the Sources

Before reacting to news updates, ensure that the information comes from reputable and authoritative sources. Cross-verify the news with official announcements from involved parties such as regulatory bodies or the companies proposing the ETFs.

2. Stay Updated with Official Regulatory Bodies

Keep a close eye on official communications from regulatory bodies like the SEC. Regulatory announcements provide the most accurate and reliable information regarding ETF approvals and other significant developments.

3. Diversify Information Channels

Don’t rely on a single source or channel for information. Diversifying the sources of information helps in getting a more comprehensive and accurate picture of the market developments.

4. Avoid Impulsive Decisions

Given the volatility of the cryptocurrency market, avoid making impulsive investment decisions based on unverified news. Taking a moment to assess and analyze the information can prevent unnecessary losses and stress.

5. Engage with the Community

Participating in community discussions and forums can be a valuable way to gauge the sentiment and get different perspectives on the news updates. However, exercise caution and discernment in evaluating the opinions and information shared in these platforms.


The journey towards the approval of a Bitcoin ETF has been a rollercoaster ride filled with anticipation, speculation, and unexpected turns. The market remains on edge, waiting for official confirmations and clear directions from regulatory bodies.

As we navigate through the waves of fakeouts and market reactions, the crypto community remains hopeful for a future where Bitcoin ETFs gain the necessary approvals, ushering in a new era of investment and mainstream acceptance.

About The Author


Owner of Since 2013, he's been immersed in the world of cryptocurrencies and has become an avid NFT collector since 2019. Also an NFT artist, he is a lifelong learner of mixed-media artwork creation.