Bitcoin ETF Success Stuns Blackrock
Date
3/31/2024 3:18:49 AM
(MENAFN- eTrendy Stock) BlackRock CEO Larry Fink expressed astonishment at the bitcoin (BTC) ETF surge, even though BlackRock's IBIT gained $10 billion and is now valued at $17 billion, rivaling Grayscale.
In a recent interview with FOX Business, BlackRock CEO Larry Fink expressed astonishment over the notable surge in Bitcoin spot exchange-traded funds (ETFs), particularly those managed by his firm.
The fact that Fink acknowledged his surprise highlights Bitcoin's exceptional rise within the Cryptocurrency exchange-traded fund (ETF) sector in the United States. BlackRock manages assets worth ten trillion dollars.
The iShares Bitcoin Trust ETF, also known as IBIT, amassed an extraordinary $10 billion in its first few weeks of operation, and it currently owns assets worth $17 billion.
Because of this, IBIT is now in direct rivalry with Grayscale's Bitcoin Trust, which now has assets of $23 billion. Fink expressed his admiration for IBIT, describing it as“the fastest-growing ETF in the history of ETFs.”
Bitcoin ETFs Surpassing Traditional Assets
In January, the United States Securities and Exchange Commission approved the very first cryptocurrency, Bitcoin spot exchange-traded funds (ETFs), which led to a boom in the number of investment products based on Bitcoin. Because of this development, Bitcoin investments have become more accessible to regular and institutional investors.
The appeal of Bitcoin ETFs has led to significant gains for the cryptocurrency, outpacing traditional assets. For example, Bitcoin has outperformed the S&P 500 with 54% surge this year alone.
Furthermore, a report from FOX suggested that the influx of capital into Bitcoin ETFs is rivaling the demand for gold, which is historically considered one of the safest assets.
John LaForge and Mason Mendez from the Wells Fargo Institute observed that U.S. Bitcoin spot ETFs attracted $30.6 billion within a few weeks, compared to the five years it took spot-based gold ETFs to achieve similar levels of investment.
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