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Larry Fink, the CEO of BlackRock, disclosed on March 27 that his bullish stance on Bitcoin’s (BTC) long-term viability remains strong.
He expressed confidence in BTC’s prospects in an interview with Fox Business.
The CEO also revealed that the firm’s iShares Bitcoin Trust (IBIT) had become the fastest-growing exchange-traded funds (ETFs) in history and has surpassed all other asset managers’ flagship ETFs.
IBIT ETF Records $13.5B Inflow in First 11 Weeks
Fink acknowledged that the performance of IBIT ETF exceeded his expectations in the first 11 weeks of trading. According to the Farside Investors ETF market report, BlackRock’s IBIT ETF had recorded a remarkable $13.86 billion inflows at press time.
BlackRock CEO Larry Fink says the $IBIT Spot #Bitcoin #ETF is the fastest growing ETF in history
pic.twitter.com/NOsDlFgROi— Simon Dixon (@SimonDixonTwitt) March 27, 2024
He further noted that the introduction of IBIT had contributed to creating a new market with increased liquidity and transparency.
“That surprised me how much that’s gone up. We are creating now a market that has more liquidity, more transparency, and I’m pleasantly surprised and I would have never predicted it before we filed it, that we were going to see this type of retail demand,” Fink stated.
The CEO’s latest comments on Bitcoin’s long-term prospects align with the increasing trend of institutional adoption and recognition of Bitcoin as a legitimate investment vehicle.
The firm’s IBIT ETF currently holds $17.1B worth of Bitcoin as of March 26 and ranks second among spot Bitcoin ETFs in terms of Bitcoin holdings – trailing Grayscale Bitcoin Trust (GBTC), which holds $26.36B in BTC.
The uptrend success of BlacRock’s IBIT ETF indicates a shift in investors’ preferences towards Bitcoin, which is driven by factors like diversification in investment portfolios, inflation concerns, and economic instability.
Larry Fink’s latest endorsement is touted to hold enough weight and power to influence investors’ sentiments towards BTC and increase the purchase of spot Bitcoin ETFs.
IBIT & FBTC ETFs Outperforms 95% of Traditional Funds
BlackRock’s IBIT and Fidelity’s Wise Origin Bitcoin Fund (FBTC) are the two major spot Bitcoin ETFs that have outperformed 3,122 other funds since the beginning of 2024, recording net inflows for straight 49 days.
According to Bloomberg’s data from ETF analyst Eric Balchunas, only 30 ETFs have recorded a longer inflow streak than IBIT and FBTC in 2024.
$IBIT and $FBTC have now taken in cash for 49 straight days, something only 30 other ETFs have ever done (and none of them did it right out of gate). Among active streaks they 4th after $COWZ $CALF (which are over 100 days, damn) and $SDVY. Great chart from @thetrinianalyst pic.twitter.com/CUxFNFa7tN
— Eric Balchunas (@EricBalchunas) March 22, 2024
It should be noted that BlackRock is set to invest in more ETFs for its Global Allocation Fund (MALOX), showcasing a strong vision for the ETF market.
The plan, outlined in a filing with the SEC on March 7, includes purchasing physically backed Bitcoin ETFs from other issuers and BlackRock’s own spot Bitcoin ETF.
