BlackRock Expects Spot Bitcoin ETF Trading By Sovereign Wealth
Despite the recent break in inflows into the spot Bitcoin ETF, BlackRock believes that a new wave of investors is on the horizon.
Robert Mitchnick, head of digital assets for BlackRock, anticipates that financial institutions such as sovereign wealth funds, pension funds, and endowments will start trading in spot ETFs in the coming months.
Mitchnick revealed in an interview that BlackRock is witnessing a renewed interest in Bitcoin, with discussions revolving around allocation and portfolio construction.
Also read: AI Predicts Gold Price for May 2024
Pent-Up Demand Drives Impressive Bitcoin ETF Inflows
Since their approval in January, Bitcoin spot ETFs have accumulated more than $76 billion. This demonstrates the pent-up demand for these products. Some registered investment advisors (RIAs) are already offering BlackRock’s IBIT ETF on an unsolicited basis. He also expects the next step to be the unrestricted offering of Bitcoin ETFs to clients of large wealth advisory players like Morgan Stanley.
Although becoming the largest spot Bitcoin ETF would be a significant milestone, Mitchnick emphasized that BlackRock’s primary focus is on educating its clients rather than competing for the top position.
The firm is actively engaging in ongoing diligence and research conversations with interested institutions, providing valuable insights from an educational perspective.
Also read: Shiba Inu: Machine Learning AI Predicts SHIB Price for May 5
The recent break in inflows into spot Bitcoin ETFs is likely a temporary lull before a new wave of institutional investors enters the market, according to BlackRock’s Robert Mitchnick.
As financial institutions such as sovereign wealth funds, pension funds, and endowments begin to allocate funds to bitcoin and incorporate it into their portfolio construction strategies, the cryptocurrency market may experience a new phase of growth and maturity.
The comment from BlackRock comes at a time when Bitcoin has slumped from the $60,000 level, bringing down the whole cryptocurrency market.
Read More
BlackRock Expects Spot Bitcoin ETF Trading By Sovereign Wealth
Despite the recent break in inflows into the spot Bitcoin ETF, BlackRock believes that a new wave of investors is on the horizon.
Robert Mitchnick, head of digital assets for BlackRock, anticipates that financial institutions such as sovereign wealth funds, pension funds, and endowments will start trading in spot ETFs in the coming months.
Mitchnick revealed in an interview that BlackRock is witnessing a renewed interest in Bitcoin, with discussions revolving around allocation and portfolio construction.
Also read: AI Predicts Gold Price for May 2024
Pent-Up Demand Drives Impressive Bitcoin ETF Inflows
Since their approval in January, Bitcoin spot ETFs have accumulated more than $76 billion. This demonstrates the pent-up demand for these products. Some registered investment advisors (RIAs) are already offering BlackRock’s IBIT ETF on an unsolicited basis. He also expects the next step to be the unrestricted offering of Bitcoin ETFs to clients of large wealth advisory players like Morgan Stanley.
Although becoming the largest spot Bitcoin ETF would be a significant milestone, Mitchnick emphasized that BlackRock’s primary focus is on educating its clients rather than competing for the top position.
The firm is actively engaging in ongoing diligence and research conversations with interested institutions, providing valuable insights from an educational perspective.
Also read: Shiba Inu: Machine Learning AI Predicts SHIB Price for May 5
The recent break in inflows into spot Bitcoin ETFs is likely a temporary lull before a new wave of institutional investors enters the market, according to BlackRock’s Robert Mitchnick.
As financial institutions such as sovereign wealth funds, pension funds, and endowments begin to allocate funds to bitcoin and incorporate it into their portfolio construction strategies, the cryptocurrency market may experience a new phase of growth and maturity.
The comment from BlackRock comes at a time when Bitcoin has slumped from the $60,000 level, bringing down the whole cryptocurrency market.
Read More