TL;DR:
- Rick Rieder, BlackRock’s CIO, stated that Bitcoin will go “considerably higher,” though this scenario is a long-term projection.
- BlackRock bought over $38 million in Bitcoin and Ethereum on June 11 and launched the BITA ETF.
- BTC currently trades at around $65,700 per unit, 10% above early-month lows but 25% down over the past year.
Bitcoin managed to recover in mid-June, but failed to shake off the bearish context that has been building since the cryptocurrency marked its all-time high above $125,000 at the end of 2025. The decline recorded in June, however, did not discourage one of the most influential institutional profiles in the global financial market.
Rick Rieder, Chief Investment Officer of Global Fixed Income at BlackRock, told Bloomberg that he anticipates the cryptocurrency will go “considerably higher.” The projection was explicitly framed as a long-term view. Rieder pointed to multiple technical factors that limit the firm’s confidence in the asset in the short term, which led to the decision to not increase its exposure for the time being.
“I think bitcoin is ultimately going considerably higher” – Rick Rieder on ETF IQ yest, who owns a little in one of his MFs and was an early believer inside BlackRock. That said he hasn’t increased allocation due to all the other compelling opportunities rn eg tech, EM debt pic.twitter.com/4zoaWaTETx
— Eric Balchunas (@EricBalchunas) June 16, 2026
Among those factors, not all are intrinsic to BTC’s behavior. BlackRock identified opportunities in other asset classes, particularly in the technology sector. The recent SpaceX public offering reportedly had a direct impact on Bitcoin’s decline, as many investors liquidated their positions to gain exposure to Elon Musk‘s company.
BlackRock Bets on Monthly Income with its New Bitcoin ETF
Rieder’s words do not reflect a distancing from BTC on the part of the asset manager. On June 11, BlackRock acquired over $38 million in BTC and ETH. Five days later it launched the iShares Bitcoin Premium Income ETF, under the ticker BITA, a product that caps BTC gains in exchange for distributing monthly payments to its shareholders through an active options strategy.
The Bear Cycle Won’t Let Up
Despite the mid-month recovery, Bitcoin trades at around $65,700 as of today, still below the stable range it maintained between February and April, and below the higher levels sustained for much of April and May. The series of lower highs and lower lows since the ATH at the end of 2025 forms a prolonged bearish pattern. On an annual basis, Bitcoin has accumulated a 25% decline, leaving open the debate over whether the market has already found its cycle bottom or whether the correction has yet to run its course.
