BlackRock CEO Shocked by Explosive Growth of Bitcoin ETFs Amid Overseeing $10T – TradingView

Key Point:

  • Larry Fink expressed surprise at the Bitcoin Spot ETF’s incredible rally.
  • The BlackRock ETF raised $10 billion in its first few weeks and now boasts $17 billion in assets.
  • This number shows that IBIT is in close competition with Grayscale’s GBTC, which currently holds $23 billion in assets.

In a recent interview with FOX Business, BlackRock CEO Larry Fink expressed surprise at the impressive rise in the value of Bitcoin spot exchange-traded funds (ETFs), particularly those managed by his firm. With BlackRock overseeing $10 trillion, Fink’s surprising confession highlights Bitcoin’s unprecedented rise in the US crypto ETF market.

“I am very bullish on the long-term viability of Bitcoin,” Fink declared, acknowledging that Bitcoin recently reached a record-breaking high of $72,850. Reflecting on the rapid growth of the market, he said:

I was surprised that it went up so much…I was pleasantly surprised. And I never would have predicted that before submitting it.

BlackRock’s iShares Bitcoin Trust ETF, trading as IBIT, attracted a staggering $10 billion in its first few weeks and now boasts $17 billion in assets. These numbers put IBIT on par with Grayscale’s Bitcoin Trust, which currently has $23 billion in assets. Mr. Fink declared IBIT “the fastest-growing ETF in the history of ETFs.”

Notably, the proliferation of Bitcoin-based investment funds comes after the U.S. Securities and Exchange Commission approved the first-ever crypto spot ETF in January. This move democratized access to Bitcoin investing for institutional and individual investors.

The appeal of Bitcoin ETFs has driven the cryptocurrency’s massive rally, outperforming traditional assets. For example, BTC has increased an astonishing 54% this year alone, outperforming the S&P 500.

Additionally, the FOX report suggested that capital inflows into Bitcoin ETFs are comparable to demand for gold, which is historically considered one of the safest assets. Wells Fargo Institute’s John LaForge and Mason Mendez observed that the U.S. Bitcoin Spot ETF raised $30.6 billion within a few weeks, compared to the five years it took for spot-based gold ETFs. .