Robert Mitchnick Predicts Increased Interest in Spot Bitcoin ETFs
Robert Mitchnick, a representative of BlackRock, predicts that in the coming months, the number of institutional investors interested in spot Bitcoin ETFs will increase. He noted that new categories of investors, including pension funds and sovereign wealth funds, may join the current market participants.
New Investors in Talks with BlackRock
According to Mitchnick, many interested parties, such as pension funds and sovereign wealth funds, are already in talks with BlackRock about the possibility of investing in spot Bitcoin ETFs. He believes that this will lead to a significant increase in interest in these financial instruments.
Record Outflow of Funds
However, against the backdrop of these positive expectations, on May 1, 2024, a record outflow of funds from spot Bitcoin ETFs was recorded. In one day, the outflow amounted to over $563 million, and this trend has continued for six days. This indicates current problems in the market and may affect the forecasts and expectations of participants.
Expansion of Partners for BlackRock’s Spot Bitcoin Trust Fund
Additionally, BlackRock recently expanded the list of partners for its spot Bitcoin Trust fund, adding five new participants. This expansion is expected to improve liquidity and attract more investors.
Remaining Optimistic Despite Difficulties
Therefore, despite the current difficulties with fund outflows, BlackRock remains optimistic about the future of spot Bitcoin ETFs and expects a significant increase in interest from institutional investors in the coming months.
