There are some technical factors causing Bitcoin to trade sideways in the near term, but ultimately it is headed higher, he predicted.
Related: Popular crypto firm reportedly makes big return to Bitcoin
BlackRock launches second Bitcoin ETF
BlackRock is the issuer of the largest U.S. spot exchange-traded fund (ETF) tied to Bitcoin.
But it has been a harsh month for the fund, which has seen multi-million net outflows on most days.
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BlackRock maintains 'moderate' Bitcoin exposure
Rieder disclosed that BlackRock is maintaining a "moderate" exposure to Bitcoin because the asset is facing stiff competition from tech stocks and yield-focused products.
Disclaimer: The market is risky, and investment needs to be cautious. This article does not constitute investment advice. Users should consider whether any opinions, views, or conclusions in this article are in line with their specific circumstances. Investment based on this is at their own risk.

