Bitcoin and crypto prices have rallied this week as traders cheer Donald Trump’s decisive US election victory, set a bitcoin price of $100,000 in sight.
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Bitcoin price has climbed through 2024 on the back of Trump’s embrace of bitcoin as well as expectations of Federal Reserve rate cuts and China’s stimulus measures and adoption on Wall Street.
Now, as markets prepare for a Trump ‘game changer’, a leak has revealed that the world’s largest asset manager BlackRock is in discussions to buy a stake in the “king” of spot bitcoin exchange-traded fund (ETF) holders.
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BlackRock CEO Larry Fink has steered the world’s largest asset manager against bitcoin … (+)
BlackRock, the world’s largest asset manager in the midst of a multi-stage plan to digitize Wall Street with crypto and blockchain, is in discussions to buy a small stake in alternative asset manager Millennium, a $70 billion hedge fund. is described as the “king” of bitcoin ETF holders, according to a Financial Times Report citing anonymous sources.
Earlier this year, Millennium was revealed to have nearly $2 billion in spotbit ETFs as of the first quarter of 2024, with nearly $2 billion across five spotbit bitcoin ETFs, led by a nearly $800 million stake in BlackRock’s IBIT bitcoin fund.
Last month, BlackRock CEO Larry Fink outlined his plan for bitcoin, ethereum, and crypto during BlackRock’s third-quarter earnings call, predicting bitcoin, ethereum, and crypto will “outsmart” artificial intelligence.
“We think bitcoin is an asset class in itself, it’s an alternative to other commodities like gold,” Fink, who last year led the charge on Wall Street to bring a full-fledged spot bitcoin ETF to U.S. markets.
The arrival of a fleet of spotbit ETFs on Wall Street this year was the first step in what Fink called a digital “revolution” when he revealed his crypto ambitions to BlackRock—which includes a blockchain-based alternative to the US dollar.
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The Bitcoin price has risen this year, largely due to BlackRock’s massive spot bitcoin … (+)
On Thursday, BlackRock’s IBIT saw a record net inflow, with $1.1 billion flowing into its bitcoin fund, blowing its previous record, set in late October, of nearly $900 million out of the water.
“We expect continued inflows into both exchanges and ETFs, leading to increased market volatility and potential spillover effects to other crypto investment funds,” BTC Markets CEO Caroline Bowler said in emailed comments, pointing to BTC Markets’ 300% increase in user logins this week.
“This could drive broader liquidity and trading volume. There is also a significant risk of a feedback loop, where rising ETF inflows push bitcoin prices higher and attract more capital. Overall, this surge in interest suggests that bitcoin is increasingly seen as a core investment asset rather than a speculative play, potentially marking the beginning of a prolonged period of increased activity in the crypto market.”
