As the massive selling pressure brought about by Grayscale seems to be slowing down, the spot Bitcoin (BTC) exchange-traded fund (ETF) market is now experiencing a surge in inflows. BlackRock and Fidelity remain as powerhouses in this sector as both have increased their BTC supply to back their spot Bitcoin ETFs.
BlackRock and Fidelity Continue to Hoard Bitcoin
According to a new report, BlackRock and Fidelity now have a combined haul of 107,696 BTC. At present values of $42K to $43K per BTC, the numbers translate to a whopping price of around $4.6 billion.
The new financial instruments in the US based on the BTC price movements continue to defy expectations while their proponents continue to amass whatever Bitcoin they can get their hands on like it’s the last box of sweets on the candy store aisle. All these help build renewed optimism for Bitcoin as the halving nears and as the US faces both economic and political pressures within its sphere of influence.
For the crypto community, the climbing figures in the metrics represent the growing shift in confidence of traditional finance (TradFi) toward Bitcoin. This perception is believed to eventually trickle down to other crypto assets, which means they are here to stay and gives hope that it could help in their legitimacy.
Tony Scaramucci Praises BlackRock CEO and Lays Down Over $100K BTC Prediction
In related news, American financier and former White House Communications Director Anthony Scaramucci praised BlackRock CEO Larry Fink’s shift in perspective toward Bitcoin. He said the giant asset investment firm’s boss has surely done “his homework.”
“I’m going to give Larry a lot of credit, because Larry actually did the homework,” Scaramucci remarked on the spot Bitcoin ETF campaign of Fink’s company. “It takes a very smart leader to pridefully say that Bitcoin sucks and then 24 months later say ‘you know what I got this wrong, BlackRock needs to be a part of this.’”
Scaramucci was clearly referring to Fink’s previous antagonistic stance on Bitcoin when he consistently called it “an index of money laundering” only to backtrack with his statement later when the CEO hyped the crypto asset as “bigger than any government.”
Scaramucci also shared his bullish outlook on post-halving Bitcoin. The entrepreneur forecasted BTC’s climb from a potential dip of $35,000 to at least $170,000 after the halving in April, thanks to a foreseen shrinkage in the coin’s circulating supply and the sense of scarcity brought about by the event.
“I’m using a $35,000 number at the halving and that’s conservative … Let’s say we’re at $50,000 in April, then it’s a $200,000 handle. Let’s say we’re at $60,000, it will be $240,000,” explained Scaramucci during an interview with Scott Melker.