BlackRock Now Offers its BTC ETF to Financial Advisors

BlackRock is incorporating its spot Bitcoin ETF into some of the portfolios it offers to financial advisors, according to Bloomberg.

The traditional finance giant plans to allocate “1% to 2% to the $48 billion iShares Bitcoin Trust ETF” within its target allocation portfolios that include alternatives, Bloomberg reported on Friday.

This move has the potential to boost demand for the IBIT, the largest spot Bitcoin ETF in terms of assets under management. However, recent declines in crypto prices have led to decreased demand for IBIT, evidenced by a record $418.1 million in net outflows from the fund on Wednesday.

BlackRock’s spot Bitcoin ETF maintains its position as the market leader, managing over $48 billion in assets, while Fidelity’s second-ranking product manages approximately $23 billion in assets.

The recent increase in investors selling their holdings in spot Bitcoin ETFs has coincided with the sharp decline in BTC values.