- Larry Fink has expressed surprise at the remarkable surge in Bitcoin spot ETFs.
- BlackRock ETF attracted $10 billion within its initial weeks and now boasts $17 billion in assets.
- The figure places IBIT in close competition with Grayscale’s GBTC, which currently holds $23 billion in assets.
In a recent interview on FOX Business, BlackRock CEO Larry Fink expressed astonishment at the remarkable surge in Bitcoin spot exchange-traded funds (ETFs), particularly those managed by his firm. With BlackRock overseeing $10 trillion, Fink’s admission of surprise underscores the unprecedented feat of Bitcoin’s ascent in the U.S. crypto ETF market.
“I am very bullish on the long-term viability of Bitcoin,” Fink declared, acknowledging the cryptocurrency’s recent milestone of hitting a record-breaking high of $72,850. Reflecting on the market’s rapid growth, he remarked:
That surprised me how much that’s gone up… I’m pleasantly surprised. And I would never have predicted it before we filed it.
BlackRock’s iShares Bitcoin Trust ETF, trading as IBIT, attracted a staggering $10 billion in its initial weeks and now boasts $17 billion in assets. This figure puts IBIT in close competition with Grayscale’s Bitcoin Trust, which currently holds $23 billion in assets. Fink proclaimed IBIT as “the fastest-growing ETF in the history of ETFs.”
Notably, the surge in Bitcoin-based investment funds comes after the U.S. Securities and Exchange Commission approved the first-ever crypto spot ETFs in January. The move has democratized Bitcoin investment access for institutional and retail investors.
The allure of Bitcoin ETFs has propelled significant gains for the cryptocurrency, outperforming traditional assets. For instance, BTC outperformed the S&P 500 with a remarkable 54% surge this year alone.
Moreover, a report from FOX suggested that the influx of capital into Bitcoin ETFs is rivaling the demand for gold, historically considered one of the safest assets. Wells Fargo Institute’s John LaForge and Mason Mendez observed that the U.S. Bitcoin spot ETFs attracted $30.6 billion within a few weeks compared to the five years it took spot-based gold ETFs.
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