- The performance of BlackRock’s spot Bitcoin (BTC) exchange-traded fund (ETF) “surprised” CEO Larry Fink.
- According to BitMEX Research, iShares Bitcoin Trust (IBIT) currently holds $17.7 billion in bitcoin and took only 2 months to reach the $10 billion mark.
BlackRock’s CEO Larry Fink says he’s been “pleasantly surprised” at the level of retail demand for his firm’s spot Bitcoin ETF.
BlackRock CEO ’very bullish’ on Bitcoin
BlackRock CEO Larry Fink has been “pleasantly surprised” by the performance of his firm’s spot bitcoin ETF and reiterated that he is “very bullish” on bitcoin’s long-term viability.
According to Farside Investors, trading in IBIT has gotten off to a strong start, with $13.5 billion inflows in the first 11 weeks and a daily high of $849 million on March 12.IBIT has averaged just over $260 million in inflows per trading day.
“We’re creating now a market that has more liquidity, more transparency and I’m pleasantly surprised. I would never have predicted it before we filed it that we were going to see this type of retail demand,” Fink said.
Asked whether IBIT would “do good, but not this good,” Fink responded: “Yes, definitely. I’m very bullish on the long-term viability of Bitcoin.”
Also read: Bitcoin rose and then dumped to a 10-day low last week
IBIT surpassed ETF to reach the $10 billion mark within less time
IBIT currently holds $17.1 billion in Bitcoin, according to BitMEX Research, and took only two months to reach the $10 billion mark — a milestone that took the first gold ETF two years to reach.
Among all the currently approved ETFs, IBIT’s bitcoin holdings steadily follow Grayscale Bitcoin Trust as the second—at $23.6 billion in BTC. However, Grayscale’s bitcoin holdings kept slipping down from 620,000 BTC it held before converting to a spot bitcoin ETF.
