TLDR
- BlackRock’s Robert Mitchnick said Bitcoin sentiment has shifted noticeably over the past month.
- Bitcoin has traded between roughly $60,000 and $65,000 for more than two months.
- Mitchnick said Bitcoin has started decoupling from equities, supporting its use as a portfolio diversifier.
- U.S. spot Bitcoin ETFs recorded about $853.5 million in inflows last week.
- BlackRock’s IBIT attracted $693.7 million, accounting for more than 80% of total weekly inflows.
BlackRock’s Head of Digital Assets Robert Mitchnick said investor views on Bitcoin (BTC) may be changing after months of weak price action. He pointed to Bitcoin’s recent separation from equity markets and steady ETF demand as signs of a different market pattern during a televised interview on Monday afternoon.
Bitcoin price has traded between about $60,000 and $65,000 for more than two months. The asset was changing hands near $63,853 on Monday afternoon, down about 2% on the day and nearly 30% since the start of the year.
Bitcoin Decouples From Equity Market Moves
Mitchnick said Bitcoin began separating from equities earlier this year. He noted that the trend initially worked against Bitcoin as technology and AI stocks gained while the cryptocurrency stayed flat or moved lower.
The pattern changed in July when AI-related stocks suffered a sharp pullback. Mitchnick said Bitcoin performed better during that period, which supported its role as an asset that can behave differently from other parts of a portfolio.
Mitchnick said investors using spot Bitcoin ETFs have mostly followed a long-term approach. He described the group as buyers who tend to hold through periods of volatility instead of reacting to short-term price moves.
Recent flow data supports that pattern. U.S. spot Bitcoin ETFs recorded about $853.5 million in net inflows last week, marking their strongest weekly inflow total since mid-April and extending a five-session buying streak through Friday.
BlackRock Leads Recent ETF Inflows
BlackRock’s IBIT fund attracted $693.7 million during the week. That amount represented more than 80% of all inflows recorded across U.S. spot Bitcoin ETFs during the same period.
Fidelity’s FBTC fund added another $116.4 million, accounting for about 13% of total inflows. The figures show that demand remained active even as Bitcoin traded far below its levels from a year earlier.
The recent Coldcard exploit has also drawn attention to ETF demand. Reports said the incident led to the theft of more than $100 million in Bitcoin from cold storage, raising questions about self-custody security among some investors.
Bloomberg Intelligence ETF analyst Eric Balchunas said BlackRock, Fidelity and other spot Bitcoin ETFs saw daily inflows after the Coldcard hack.
Source: X
He said the timing made it difficult to ignore a possible link between the security incident and stronger ETF demand.
