BlackRock's digital assets head says Bitcoin has decoupled from stocks, as US spot BTC ETFs pulled in $853.5M last week, their best inflow week since mid-April.
Bitcoin News
Bitcoin (BTC) has spent more than two months trading between roughly $60,000 and $65,000, but BlackRock's Head of Digital Assets Robert Mitchnick says the mood around the asset is starting to change.
He made the comments during a televised interview on Aug. 10.
BTCwas changing hands at $63,853 at 6:38 pm UTC that day, down about 2% on the day and nearly 30% year-to-date.
"We've seen sentiment turn in a noticeable, but subtle way the last month or so," Mitchnick said. "You've seen Bitcoin decouple from equities starting earlier in the year."
BTC ETF Investors Hold Steady Through the Downturn
Mitchnick pointed to July as a key data point. When AI-related stocks pulled back sharply that month, Bitcoin outperformed equities rather than falling alongside them. He described the divergence as healthy, saying it supports the case for Bitcoin as a portfolio diversifier and a potential hedge against left-tail risks in other asset classes. For much of the year before that, the decoupling had worked against Bitcoin, as AI stocks surged while BTC traded flat or lower.
Asked about how the broader price decline has affected spot
Bitcoin ETFinvestors, Mitchnick said the buyer base has remained consistent. "It's always been a volatile asset, right? There have been now five major boom-and-bust cycles," he said. "Each time, the cycle ends significantly higher than the prior one, but with a bumpy ride along the way."
