🚀 Crypto Larry Fink Surprisingly Becomes Super Bullish on Bitcoin as BlackRock’s ETF Now Holds Over 250,000 BTC

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In a surprising turn of events, Larry Fink, the CEO of BlackRock, has shared unexpected enthusiasm for Bitcoin’s long-term potential. This newfound bullishness comes right after BlackRock’s spot Bitcoin exchange-traded fund (ETF) IBIT surpassed $17 billion in Bitcoin holdings.

IBIT’s Impressive Performance​

Fink’s comments, made during an interview with Fox Business, highlighted the surprising success of IBIT, which he described as “the fastest growing ETF in the history of ETFs.” The CEO was not expecting such a crazy level of retail demand for the ETF, mentioning the rapid growth after its first 11 trading weeks.

IBIT’s performance has exceeded initial expectations, with inflows totalling an insane $13.5 billion. Notably, March 12 was a record day for IBIT, with a daily high of $849 million inflows. On average, IBIT has been attracting over $260 million in inflows per trading day.

Fink credited IBIT with contributing to a market with enhanced liquidity and transparency, aspects that are crucial for the mainstream adoption of cryptocurrencies. He was pleasantly surprised by the demand that surpassed the expectations set before the ETF’s launch.

Larry Fink’s Opinion on Bitcoin​

Apart from the success of IBIT, Fink shared his long-term bullish outlook on Bitcoin as an asset. This sentiment shows the growing acceptance of crypto among mainstream financial institutions, with BlackRock showing support for Bitcoin.

Despite IBIT’s significant holdings, it still falls behind the Grayscale Bitcoin Trust in terms of Bitcoin holdings. However, the declining Bitcoin holdings of Grayscale signal a shifting sentiment in the market, and IBIT might be in a position to take market share.

Not all ETF funds are as successful as BlackRock’s, and smaller ETF providers might face some challenges. With rising costs and intense competition, they could struggle to stay profitable or even go out of business. In response to these challenges, some ETF issuers have decided to lower fees to remain competitive. However, this strategy may not be sustainable for smaller players, as reducing fees could further strain already limited revenue streams.

Larry Fink’s unexpected bullishness on Bitcoin and the success of BlackRock’s IBIT ETF highlight the evolving sentiment around digital assets. As institutional players keep showing interest in Bitcoin and other cryptocurrencies, the crypto market can capture even more traditional capital in the next few months and years.