JAKARTA - BlackRock, the world's largest investment management company, recently submitted changes to their Bitcoin ETF proposal. In the filing, BlackRock added five additional pages of text warning investors about additional risks that may be faced in investing their funds in Bitcoin ETF.
The company highlights the lack of transparency in the Bitcoin market. They show that Bitcoin is "unregulated" and "untransparency". This means that overall digital asset exchange operations and the Bitcoin market can be highly unexpected.
BlackRock also recorded data from 2019 stating that most of the Bitcoin spot volume, which is about 80.95%, is considered "fake or non-economic." Most of this volume is trading outside US-regulated places. However, a more recent analysis of Bitwise, which is also a rival ETF applicant, shows that this fake volume is far less than a few years ago, although still significant.
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The company also recognizes the intense competition in the world of Bitcoin ETF. They realize that there are many competing companies competing to launch similar products, and this could affect the market share of BlackRock products.
However, there is good news. There are signs of progress in the Bitcoin ETF approval. The SEC (Securities and Exchange Commission) has shown behavioral changes more openly to ask constructive questions about the ETF application. This has led several industrial figures, such as Ark Invest Cathie Wood CEO and Galaxy Digital CEO Mike Novogratz, to become more optimistic. They hope that the SEC will soon approve the Bitcoin ETF in the near future.
Lastly, noting that the value of Bitcoin has recently seen a significant increase above $28,000 (approximately IDR 464 million). BlackRock CEO, Larry Fink, described this increase as a "flight to quality" or flow to more stable assets. This shows growing interest in the crypto world despite the risks that need to be considered.
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