Binance CEO Changpeng Zhao “feels sad” for sellers who sold at the bottom as multi-trillion asset manager Blackrock steps deeper into crypto.
Binance CEO Changpeng Zhao today tweeted that he felt sad for those who sold when the crypto market hit bottom. The billionaire CEO tweet came after investment manager Blackrock announced it would be giving its clients private trust offering direct bitcoin exposure.
In what has been dubbed the “crypto winter” since the start of the year, the crypto market experienced extreme volatility, which wiped billions off the market. The crypto market, which hit a $3 Trillion market cap barely a year ago, dropped below $1 trillion. However, signs of a gradual recovery are emerging, indicating that the worst might be over.
Institutional interest in crypto assets
Following what was months of volatility and institutional crashes, the crypto market is recovering, although at a slow pace. Interest in the market is surging again with a slew of acquisitions, partnerships, and institutional investors’ activities.
In a recent statement, Blackrock revealed that its institutional clients are taking an interest in the crypto market. As a result, the company today, on August 11, launched a private trust that would allow them to invest in Bitcoin. Per the statement, the private trust will be accessible only to its US-based institutional clients. The BTC trust would deliver customers direct exposure to spot bitcoin.
The American multinational company is the largest investment manager in the world, with an estimated $10 trillion worth of assets under its management. Therefore, its increased activity in the market could signal more investment inflow into crypto assets.
This latest announcement comes days after the company reached a deal with crypto exchange Coinbase to offer crypto assets, especially bitcoin, to its clients. However, this sudden burst of interest, especially at a time when the crypto market is experiencing its worst, is surprising to see.
Blackrock CEO Larry Fink, in a July 2021 interview with CNBC, shoved off the possibility of its entering the crypto space, stating a lack of client interest in crypto. According to the CEO, clients are drawn more to longer time assets.
Since the start of the month, the crypto market has progressed positively despite increased regulatory scrutiny in the US. Major cryptocurrencies like Bitcoin and Ethereum have increased in value in the past weeks. The overall market cap now sits at over a trillion, according to data from CoinMarketCap.
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