Bitcoin ETF · Bitcoin · Bloomberg · The Block
BlackRock confirms bitcoin sentiment is turning as decoupling from stocks takes hold
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BlackRock's Head of Digital Assets Robert Mitchnick said Monday there are reasons to believe that there has been a perception shift around bitcoin, the world's largest cryptocurrency, which has been fluctuating between roughly $60,000 and $65,000 for more than two months.
Key facts
- BlackRock's Head of Digital Assets Robert Mitchnick said Monday there are reasons to believe that there has been a perception shift around bitcoin, the world's largest cryptocurrency
- BlackRock's (IBIT) fund registered $693.7 million of inflows, more than 80% of the total inflows across all spot bitcoin ETFs
- Bitcoin (BTC) is down nearly 30% year-to-date, and 50% off where it was trading a year ago
- The Coldcard exploit, which reportedly resulted in the theft of more than $100 million in bitcoin from cold storage, has also prompted speculation that some investors are moving bitcoin
Summary
"We’ve seen sentiment turn in a noticeable, but subtle way the last month or so. Bitcoin (BTC) is down nearly 30% year-to-date, and 50% off where it was trading a year ago. Mitchnick pointed to bitcoin’s recent performance relative to equities as evidence of that shift. "In July, when AI had the huge pullback, bitcoin outperformed significantly," he said.