PANews reported on September 18 that industry experts and Coinbase CEO Brian Armstrong swiftly refuted rumors that Coinbase had issued Bitcoin IOUs to BlackRock. Analyst Tyler Durden had accused Coinbase of allowing BlackRock to borrow Bitcoin without collateral for market manipulation, causing market concern. In response, Armstrong stated that ETFs settle on-chain daily and that institutional clients can use trade finance and over-the-counter tools before trades settle. Durden subsequently deleted the relevant tweet. Experts emphasized the need for increased transparency in Bitcoin ETFs but did not believe these rumors.