BlackRock CEO Larry Fink has reaffirmed his bullish stance on Bitcoin, citing record-breaking demand for the firm’s iShares Bitcoin ETF (IBIT). “I’m very bullish on 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 we were going to see this type of retail demand,” he said.
IBIT, launched in January 2024, has quickly become the fastest-growing ETF in history, overtaking Grayscale, the long-time leader in Bitcoin ETF investments.
Related: BlackRock to Launch Bitcoin ETP in Europe, Following US Success
IBIT’s Explosive Growth: A Shift in Sentiment?
Fink’s comments come as IBIT solidifies its position among the largest ETFs in the global ETF market. According to the ETFs’ performance report for 2024, IBIT ETF amassed over $37 billion in assets. This figure ranks third on the 2024 ETF leaderboard behind 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 institutional and retail investors increasingly turning to Bitcoin ETFs.
Interestingly, as BlackRock’s IBIT amassed over $37 billion in new investments in 2024, Grayscale’s Bitcoin Trust (GBTC) bled $21.3 billion in outflows in 2024. Meanwhile, IBIT’s figure has improved even further to $40 billion.
Fidelity Wise Origin Bitcoin Fund (FBTC), BlackRock’s closest competitor in the Bitcoin U.S. ETF market, registered strong inflows but remains far behind IBIT. Presently, FBTC has seen over $12 billion in inflows.
Related: Bitcoin is Still in Early Adoption Stages – BlackRock
Bitcoin’s Price: Climbing Towards $100K
The massive inflows into IBIT have notably impacted the Bitcoin spot market.
Bitcoin surpassed the $100K threshold, reaching a peak near $110K. As of this press time, Bitcoin trades at $98,592, a 1.2% gain in the past day.
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