On November 3, 2024, during BlackRock's earnings call, CEO Larry Fink described Bitcoin as an asset class akin to gold, emphasizing its potential for growth. Fink noted that Bitcoin could expand to include other commodities like Cerium, crucial for blockchain technology.
BlackRock's spot Bitcoin ETF, launched in January, has amassed nearly $27 billion in assets, making it the largest cryptocurrency fund globally. Fink's comments mark a significant shift in perception since 2017 when he dismissed Bitcoin as merely a tool for money laundering.
Simultaneously, U.S. spot Bitcoin ETFs experienced their first net outflow in a week, with a $54.9 million outflow recorded on November 1. Fidelity's FBTC led this decline with $25.64 million, followed by Ark & 21Shares' ARKB at $24.13 million. Despite this, the overall weekly inflow for Bitcoin ETFs reached $2.22 billion, the highest since March.
As of now, Bitcoin's price stands at approximately $68,000, reflecting a slight dip of 2% in the last 24 hours but up over 3% in the past week. The market anticipates a potential recovery in ETF inflows as trading resumes.