Key Points
- BlackRock’s CEO Larry Fink says he’s very bullish on the long-term viability of Bitcoin as their spot BTC ETF becomes the fastest-growing in history.
- iShares ETF outperformed expectations with unforeseen inflow since its debut on January 11.
Larry Fink, BlackRock’s CEO, made extremely bullish remarks regarding Bitcoin on Fox Business. He stated that the company’s spot BTC ETF, experiences unprecedented growth, which makes it the fastest-growing ETF ever.
He also expressed his optimism regarding the long-term viability of Bitcoin, saying that he’s surprised by how much it went up. He addressed the creation of a market that has more liquidity and increased transparency, highlighting that he could have never predicted all these before the company filed for the spot BTC ETF.
Fink said that BlackRock was not expecting this type of retail demand while, at the same time, saying that markets are definitely not in a bubble.
https://twitter.com/FinSummit/status/1773244578549670321
Their ETF seems to be overtaking Grayscale’s ETF as it outperformed the Grayscale Bitcoin trust over the past two months. Such performance is taking BlackRock’s ETF to the top of the stock charts, and Fink believes that there’s room for even more growth.
BlackRock’s spot Bitcoin ETF recently hit a new milestone, with IBIT recording the largest daily inflow and trading volume amidst tumultuous moves in the crypto market.
In its initial trading period, IBIT recorded $13.5 billion in flows, with a daily high of $849 million on March 12, as reported by Farside Investors.
The approval of spot BTC ETF back in January triggered a surge in price for Bitcoin, which managed to break through new ATHs.
At the moment of writing this article, BTC is trading in the green, and the coin is priced at $70,364, up by more than 4% in the past seven days, on CoinMarketcap.
According to SoSoValue, Bitcoin spot ETFs experienced a total net inflow of $243 million on March 27.
Grayscale ETF GBTC saw a single-day net outflow of $299 million, while BlackRock ETF IBIT had a single-day net inflow of $323 million and Ark Invest & 21Shares ETF ARKB had a single-day net inflow of $200 million. The historical cumulative net inflows have now reached US$11.94 billion.
We’re witnessing a shift in investor interest towards Bitcoin
BlackRock’s CEO’s stance on Bitcoin’s long-term fate is aligned with the broader trends of the market and institutional adoption of Bitcoin.
This only highlights the worldwide recognition of Bitcoin as a legitimate investment opportunity.
Fink’s optimistic views on Bitcoin could influence investor sentiment and trigger a strong shift toward the crypto industry.
As BTC’s price continues to remain above the important level of $70k, its monthly returns are also looking great, as BTC is now on its way to closing a record-breaking 7th consecutive month in the green.
