Bitcoin ETF Inflows Back in Focus as BlackRock CEO Larry Fink Goes Bullish on Crypto Market
Highlights
- BlackRock CEO Larry Fink said he is very bullish on crypto market over next 12 months.
- Fink added that excessive leverage in Bitcoin has wiped out, turning Bitcoin price stable.
- Spot Bitcoin ETFs are recording more inflows amid fresh capital from investors.
Inflows into spot Bitcoin ETFs are staging a comeback as they once again draw investor interest, with fresh capital flowing into these crypto ETFs. BlackRock CEO Larry Fink said Bitcoin price is stable right now and he is “very bullish” on the crypto market over the next 12 months.
BlackRock CEO Turns Bullish on Bitcoin and the Broader Crypto Market
Larry Fink, CEO of $15 trillion asset manager BlackRock, told CNBC that he’s no longer concerned about excessive leverage in Bitcoin and the crypto market. He claims this is the reason for the greater stability in Bitcoin price at current levels.
Larry Fink added that he’s “very bullish” on the crypto markets over the next 12 months. The comments come amid increasing sentiment in the crypto market after the US CPI inflation cools to 3.5%.
He said investing in data centers, chips, and compute will be the next revolution in finance. Notably, Larry Fink highlighted the growing need for tokenization, which could further boost long-term potential in crypto and blockchain technology.
This shift towards digital representation of physical holdings is spearheaded by the industry’s best RWA issuers, who are actively bridging traditional treasuries and capital markets with blockchain technology.
BlackRock CEO Larry Fink’s bullish stance on Bitcoin price and the broader crypto market grabbed massive interest from the crypto community. The Crypto Market Fear & Greed Index improved slightly today.
Spot Bitcoin ETF Inflows Staging a Comeback
After months of choppy flows and overall outflows, US-listed spot Bitcoin ETFs are once again drawing investor attention. Fresh capital is returning, with BlackRock Bitcoin ETF (IBIT) leading the inflows.
Bitcoin ETFs recorded $107.7 million in inflows on Wednesday, with BlackRock Bitcoin ETF recording $80.8 million in inflows. This comes after the cooling US PPI data and bullish stance by BlackRock CEO Larry Fink.
Fidelity’s FBTC also saw $16.9 million in inflows and $10 million in the Grayscale Bitcoin Mini Trust ETF. No outflows were recorded in other Ninspotot Bitcoin ETFs.
The comeback in spot Bitcoin ETF inflows is in focus amid renewed interest from institutional and retail investors.
Meanwhile, Bitcoin price is trading near the $65,000 levels after a rebound. The intraday low and high are $64,361 and $65,507, respectively. Trading volume has remained stable at around $28 billion over the past few days.
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