BlackRock CEO Larry Fink Expresses Strong Confidence in Bitcoin’s Long-Term Future

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BlackRock CEO Larry Fink had made bullish remarks about Bitcoin in a Fox Business interview on March 27. He stated that the BlackRock spot Bitcoin ETF is having massive inflows, which makes it the fastest-growing ETF in history.

IBIT Scores Huge Inflows in 11 Weeks

Larry Fink, in the interview, expressed confidence about the long-term viability of Bitcoin while noting his enthusiasm for the performance of the BlackRock spot Bitcoin ETF, iShares Bitcoin Trust (IBIT), which has scaled past expectations and drawn more interest beyond initial predictions.

BlackRock’s CEO remarks align with Farside Investors ETF market data, which shows an impressive $13.86 billion inflows at press time, with a $849 million daily-high on March 12.

Larry Fink

Fink further mentioned that the introduction of IBIT has contributed to the creation of a new market with increased liquidity and transparency.

According to him,

“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.”

It could be recalled that BlackRock’s spot Bitcoin ETF application was approved by the SEC on January 10 and began trading a day after.

The fund is designed to track the performance of the price of Bitcoin and has since generated massive daily inflows, including $520.2M and $586.5 on February 27 and March 13, respectively.

At press time, IBIT ranks second among on the list of spot Bitcoin ETFs, with a total inflow generation of $13.8B inflows generated, just after Grayscale Bitcoin Trust (GBTC), with $14.66B inflows.

Fink’s endorsement further solidifies interest in Bitcoin, alongside IBIT and other ETF products, as the newest transparent and liquid market for investors.

Fresh Capital Flows to the US ETF Market

Farside Investors’ latest data shows that fresh capital is flowing back to the US spot ETF market following a five-day span of continuous net outflows.

BlackRock’s IBIT and Fidelity Wise Origin Bitcoin Fund (FBTC) ETFs, alongside ten approved ETFs, saw a combined net inflow of $418M and $243M on March 26 and March 27, respectively.

Fidelity’s FBTC had its largest inflow of $279.1M on March 26, following its purchase of an additional 4,000 BTC.

BlackRock’s IBIT recorded inflows of $262.2M on the same day and an impressive $323.8M on March 27.

Furthermore, Ark Invest and 21Shares ETFs had a single-day inflow of 73.6M and $200M on March 26 and 27, respectively. On the other hand, Invesco Galaxy, Valkyrie, and Franklin Templeton recorded less than $6M worth of inflows across their respective funds.

Meanwhile, Grayscale’s GBTC continues to notch daily outflows, even as the asset manager remains optimistic about the SEC’s approval of its spot Ether ETF.

On March 26, GBTC recorded $212.3M outflows and $299.8M on March 27. Since its conversion from a trust to an ETF on January 11, Grayscale has shredded 277,393 BTC, which is estimated to be $19.5B at current prices.

Nevertheless, Grayscale’s losses were not enough to outweigh the net inflows of BlackRock, Fidelity, and other competitors.

About Jimmy Aki PRO INVESTOR

Based in the UK, Jimmy is an economic researcher with outstanding hands-on and heads-on experience in Macroeconomic finance analysis, forecasting and planning. He has honed his skills having worked cross-continental as a finance analyst, which gives him inter-cultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him peek under the global bonnet to see how the world works.