- BlackRock‘s Rick Rieder says the firm has reduced its iShares Bitcoin Trust (IBIT) exposure, citing “more compelling opportunities” in other tech and credit markets.
- He maintains a long-term bullish thesis for Bitcoin’s price but sees “technical conditions” causing current market chop.
- Rieder’s comments fit a broader pattern of capital rotating from crypto into AI, echoed by figures like Michael Saylor and Mike Novogratz.
In a Monday interview on Bloomberg’s ETF IQ, BlackRock Global Chief Investment Officer Rick Rieder outlined a tactical reduction in Bitcoin exposure for one of the world’s largest multi-asset portfolios. He explained the pullback despite his belief that the cryptocurrency’s price is ultimately headed “considerably higher,” according to the conversation with Bloomberg analyst Eric Balchunas.
Rieder, an early Bitcoin advocate inside BlackRock, stated, “We’re keeping it a pretty moderate exposure, quite frankly, because I think there’s some other things… in technology.” Consequently, his team finds more attractive yields in areas like credit markets and emerging markets.
Meanwhile, his comments reflect a wider strategic shift observed by senior crypto figures. This pattern involves capital rotating away from Bitcoin and into Artificial Intelligence and other technology sectors.
However, Rieder’s broader market outlook appears supportive for risk assets. He expects new Fed Chair Kevin Warsh to utilize the central bank’s balance sheet rather than interest rates, a backdrop typically favorable for Bitcoin.
The iShares Bitcoin Trust (IBIT) was trading near $37, down over 1% in midday trading and roughly 50% off its highs. Retail sentiment on the platform remained bearish as this strategic reallocation unfolds.
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