BlackRock, an institutional asset manager with indirect exposure to Bitcoin (BTC), has seen a massive drop in investor demand for the cryptocurrency.

CEO of Larry Fink to explain Wednesday in CNBC’s Squawk Box that BlackRock has noticed fewer crypto-related inquiries from investors lately, indicating a sharp drop in crypto demand.

Noting that long-term and retirement investors seem less interested in cryptocurrencies right now, Fink stated:

“You asked me again about crypto and bitcoin. And in my last two weeks on a business trip, not a single question was asked about it. That’s not just part of the focus for retirees and long-term investors. We see very little in terms of investor demand. “

Fink’s comments come amid ongoing sideways trading in the crypto market, with Bitcoin down more than 16% in the past 30 days. At the time of writing, Bitcoin is trading at $ 32,572, up about 0.3% over the past 24 hours. The most valuable cryptocurrency has lost nearly half of its price since BTC broke its all-time high in mid-April and rebounded over $ 64,000.

BlackRock is known for its Bitcoin-friendly stance, as the company is indirectly invested in Bitcoin through its stake in business intelligence firm MicroStrategy. The company initially invested $ 425 million in BTC in 2020 and then bought more bitcoins.

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The CEO of BlackRock has also previously made positive comments about Bitcoin. Last December, Fink stated that Bitcoin has the potential to grow into a global market, although it has yet to be tested extensively.

Despite statements from the BlackRock CEO about a decline in Bitcoin demand from long-term investors, institutional interest in the cryptocurrency appears to continue to grow. Last week, Bank of America, the second largest bank in the United States, reportedly launched a crypto research group in response to growing institutional interest in digital assets.