BlackRock CEO Goes Bullish on BTC as Spot Bitcoin ETF Crosses $17 Billion

Spot Bitcoin exchange-traded funds (ETFs) continue to receive massive inflows as investor demand skyrockets, with BlackRock's IBIT at the forefront. Notably, IBIT has hit a whopping $17 billion in AUM less than three weeks after approval.

Larry Fink, the CEO of BlackRock, expressed his excitement over the ETF's performance, noting that he's very bullish on the sustainability of Bitcoin.

BlackRock's ETF Surprises CEO With Growth Rate

BlackRock CEO Fink disclosed new developments during an interview with Fox Business on March 27. He mentioned that the company's iShares Bitcoin Trust, IBIT, has hit a milestone with its impressive performance.

The CEO is surprised at the progress of IBIT within the first eleven weeks of trading, tagging it the fastest-growing ETF in the history of ETFs. Fink disclosed that he never expected retail demand of such magnitude before BlackRock filed for approval to list the ETF.

Further, he noted that BlackRock will remain transparent while creating a market with enhanced liquidity. When asked if IBIT would continue its impressive and good performance, CEO Fink affirmed the positive. He acknowledged being very bullish on the long-term viability of BTC.

IBIT Puts An Impressive Performance, Trailing Grayscale's GBTC Closely

Meanwhile, data from crypto data provider and investment manager Farside Investors reveals IBIT's outstanding growth rate. According to Farside Investors, IBIT massed about $13.5 billion in inflows within the first 11 weeks.

IBIT hit a daily high of $849 million on March 12, and on average, the ETF recorded slightly over $260 million in inflows for each trading day.

Surprisingly, IBIT hit the $10 billion mark in less than two months, the fastest for an ETF to reach the milestone. Comparatively, the first gold ETF took two years to achieve the same feat.

Data from Coinglass shows BlackRock's IBIT total assets currently amount to $17.24 billion in AUM. Moreover, the ETF is closely trailing Grayscale GBTC, which holds $23.31 billion in AUM.

Additionally, BitMEX's data showed that the nine spot Bitcoin ETFs, excluding Grayscale, hold a total of $34.1 billion in BTC. IBIT leads the inflows, followed by Fidelity's FBTC and ARK 21Shares' ARKB.

Conversely, Grayscale has been recording continuous significant outflows. According to data from BitMEX, GBTC has seen a total outflow of over $14.36 billion in Bitcoin as of March 26.

Notably, the competition is getting stiffer among the spot BTC ETFs. Some industry analysts believe that some of the ETF issuers could shut down due to consistent losses in the future.

Meanwhile, some crypto experts believe that BlackRock's IBIT will soon flip GBTC in assets under management.

A prominent YouTuber and X user, CryptosRus, analyzed the trend of inflows and outflows in the two ETFs. He predicted that IBIT would overtake GBTC within two weeks without any drastic flow changes.

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