Bitcoin

Grayscale Bitcoin Trust

<h2 id="key-points">Key Points</h2>
<ul>
 <li>BlackRock’s CEO, Larry Fink, expresses surprise and optimism at the performance of the firm’s Bitcoin ETF, IBIT.</li>
 <li>IBIT has amassed $13.5 billion in flows within its first 11 weeks, surpassing expectations.</li>
</ul>
<p>Larry Fink, CEO of BlackRock, shared his positive surprise at the performance of the company’s spot <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> exchange-traded fund (ETF), known as IBIT.</p>
<p>In a recent interview, Fink revealed his bullish stance on Bitcoin’s long-term prospects.</p>
<h2 id="impressive-performance-of-ibit">Impressive Performance of IBIT</h2>
<p>According to Fink, IBIT has set a record as the fastest-growing ETF in history.</p>
<p>The iShares Bitcoin Trust (IBIT) has performed exceptionally well in its first 11 trading weeks, even exceeding Fink’s expectations.</p>
<p>In its initial trading period, IBIT recorded $13.5 billion in flows, with a daily high of $849 million on March 12, as reported by Farside Investors.</p>
<p>Fink expressed his satisfaction with the market’s increased liquidity and transparency, attributing it to the unexpected retail demand.</p>
<h2 id="ibit-s-position-in-the-market">IBIT’s Position in the Market</h2>
<p>Currently, IBIT holds $17.1 billion in Bitcoin, according to BitMEX Research.</p>
<p>It took the ETF only two months to reach the $10 billion mark, a milestone that the first gold ETF took two years to achieve.</p>
<p>Among all approved ETFs, IBIT trails only the Grayscale Bitcoin Trust in Bitcoin holdings, which has $23.6 billion in BTC.</p>
<p>The nine-spot Bitcoin ETF issuers, excluding Grayscale, now hold over $34.1 billion in Bitcoin.</p>
<p>Despite this success, some market experts predict that some Bitcoin ETF issuers might eventually close due to insufficient profits.</p>
<p>In response to this, several ETF issuers have reduced fees to compete with larger players.</p>
<p>However, these smaller issuers face significant challenges in this highly competitive market, as per Bloomberg ETF analyst Henry Jim.</p>
<p>On March 27, Hashdex became the 11th firm to have its spot Bitcoin ETF approved, entering the competitive US market.</p>

CEO of BlackRock Optimistic About Bitcoin; ETF Surpasses $17 Billion Mark

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