BlackRock CEO Larry Fink reiterated his bullish stance on Bitcoin, citing record demand for the company’s iShares Bitcoin ETF (IBIT). “I am very optimistic about the long-term viability of Bitcoin,” Fink said in an interview with Fox Business News.
He expressed surprise at the unprecedented retail interest in IBIT. “I would never have predicted this kind of retail demand,” he said.
IBIT, launched in January 2024, has quickly become the fastest-growing ETF in history, surpassing Grayscale and establishing itself as a long-term leader in Bitcoin ETF investments.
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Explosive growth of IBIT: a shift in sentiment?
Fink’s comments come as IBIT solidifies its position as the largest ETF in the global ETF market. According to ETFs’ 2024 performance report, IBIT has accumulated over $37 billion in assets. The fund ranks third on the 2024 ETF leaderboard, trailing only Vanguard’s S&P 500 ETF (VOO) and iShares Core S&P 500 ETF (IVV).
While traditional equity ETFs continue to dominate, IBIT’s rapid growth reflects a shift in investor sentiment, with both institutional and retail investors increasingly turning to Bitcoin ETFs.
Interestingly, while BlackRock’s IBIT attracted over $37 billion in new investments in 2024, Grayscale’s Bitcoin Trust Fund (GBTC) experienced outflows of $21.3 billion. Meanwhile, IBIT’s figures have improved even further, reaching $40 billion.
BlackRock’s closest competitor in the US ETF market, Fidelity Wise Origin Bitcoin Fund (FBTC), has seen strong inflows but still lags behind IBIT. Currently, FBTC has attracted over $12 billion in inflows.
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Bitcoin Price: Surges to $100,000
The significant inflows into IBIT have had a notable impact on the Bitcoin spot market.
Bitcoin has surpassed the $100,000 threshold, reaching a peak of $110,000. As of the time of writing, the trading price of Bitcoin is $98,592, representing a 1.2% increase in the past few days.