Appearing on Fox Business on Monday hours after a false rumor about SEC approval for BlackRock’s spot bitcoin ETF sent prices sharply higher, Fink said he couldn’t speak about the application process.

Fink, however, did opine on the recent rally. “It’s an example of the pent-up interest in crypto,” he said. “We are hearing from clients around the world about the need for crypto.”

“I think the rally today is about a flight to quality, with all the issues around the Israeli war now, global terrorism,” he continued.

BlackRock, amongst other large financial institutions, is currently awaiting a decision from the SEC on whether it can issue a bitcoin spot ETF.