BlackRock’s Larry Fink warns Bitcoin’s leverage problem raises crash risks

The CEO of the firm behind the iShares Bitcoin Trust called Bitcoin an asset of fear and pointed to leveraged traders as a key source of volatility The man running the world’s most prominent Bitcoin ETF just reminded everyone that Bitcoin can fall hard and fast. BlackRock CEO Larry Fink described Bitcoin as an “asset of fear” at the New York Times DealBook Summit on December 3, 2025. He stressed its volatility and the outsized role leveraged investors play in its price swings. That is an interesting message from the head of a firm whose iShares Bitcoin Trust (IBIT) has pulled in more than $65 billion in cumulative inflows since launch. Fink’s core point was about structure, not ideology. He did not argue that Bitcoin is worthless.

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