Author: Jaleel、Joyce，BlockBeats

At 3:00 AM Beijing time, Bitcoin briefly rose to $31,380, and this round of gains had been foreseeable. Previously, after false news of "SEC approves Bitcoin spot ETF" was released by the media, the price of Bitcoin achieved a short-term breakthrough of $30,000.

Related reading: "A fake news worth $100 million that can go down in history"

No matter how long it takes for the ETF to pass, we seem to be able to see from tonight's extreme price performance that the market may be ready to welcome the spot ETF and start the next bull market.

But unexpectedly, Bitcoin reached a new high this year just a few hours later.

At 7am this morning, Bitcoin rose and briefly surpassed $34,000. As of the time of writing, the price of Bitcoin is $33,712, with an increase of 11.6%. This surge also brought up ETH, which briefly surpassed $1,800 and is now priced at $1,774, with a 24-hour increase of 6.79%.

The sudden surge caught both the bears and bulls off guard. According to Coinglass data, the past 24 hours saw a total of $336 million in liquidations, with long positions liquidated at $65.55 million and short positions liquidated at $271 million.

BlackRock wants to "prepare ammunition" for Bitcoin spot ETF?

At 00:24 on October 24th Beijing time, American financial lawyer Scott Johnsson stated on his social media platform that through studying the S-1 amendment submitted by BlackRock, it was discovered that BlackRock has obtained a CUSIP (Committee on Uniform Securities Identification Procedures) Number for the preparation of a Bitcoin spot ETF release.

CUSIP is the Unified Identification Code for securities in the United States, widely used in the clearing and settlement centers of North American securities markets. In the US and Canadian markets, newly listed stocks are identified by CUSIP as the national securities identification code, which is similar to an ISIN code for the North American National Code Agency (NNA).

In addition, BlackRock expressed in the document that it hopes to prepare "Seed Capital" for the Bitcoin spot ETF in October. Seeding ETF refers to banks or brokerage firms (usually) providing initial funds to purchase some bitcoins in exchange for ETF shares that can be traded on the public market on the first day. Seed Capital is usually not a lot, just enough to get the ETF up and running.

Just this one piece of news is enough to excite the market, and a few minutes later Bitcoin briefly touched $31,000.

Continuing at 3am, ETF analyst Eric Balchunas from Bloomberg reported that iShares, a subsidiary of asset management giant BlackRock, has listed its Bitcoin Trust on DTCC (Depository Trust & Clearing Corporation). The stock code will be "IBTC". This is part of the process of introducing a spot Bitcoin ETF to the market.

Gray-scale judgment goes further

Meanwhile, there is also news coming from the grayscale side.

At 2:55 pm, FOX Business reporter Eleanor Terrett posted on social media that the D.C. Circuit Court has officially made a final ruling on the Grayscale vs. U.S. SEC case. The court ruling returns the approval authority of the Bitcoin ETF to the U.S. SEC, and the U.S. SEC has been instructed to take the next steps in handling the Grayscale Bitcoin ETF plan.

Although it is only a formal authorization statement and the latest content has not yet been released, the excited community sees this as good news - one step closer.

This means that the D.C. Circuit Court has made a final ruling, ending the dispute between the U.S. Securities and Exchange Commission (SEC) and Grayscale, effectively ordering the agency to rescind its decision to reject the asset management company's application for a Bitcoin ETF. The formal closure of the case essentially solidifies the court's preliminary ruling two months ago that the SEC's decision to deny Grayscale's attempt to convert its $17 billion Grayscale Bitcoin Trust (GBTC) into a spot ETF was "arbitrary and capricious." Grayscale spokesperson Jennifer Rosenthal said in a statement after the case was closed on Monday, "The Grayscale team looks forward to continuing to work constructively with the SEC to convert GBTC to an ETF, GBTC is operationally ready, and we intend to take action on behalf of our investors as soon as possible."

As soon as the news came out, the negative premium rate of Grayscale Bitcoin Trust (GBTC) continued to narrow to 13.12%; the negative premium rate of ETH Trust was 22.05%. In addition, the negative premium of ETC Trust was 45.15%, LTC Trust was 10.69%, and BCH Trust was 9.05%.

Although the next approval time for Bitcoin spot ETF is in January next year.

But it is obvious that with BlackRock having obtained the CUSIP for the launch of a Bitcoin spot ETF and planning to prepare "Seed Capital" for the Bitcoin spot ETF in October, there has been new progress in the trial between Grayscale and the SEC, and the approval of the Bitcoin spot ETF is only a matter of time.

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