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BlackRock’s Mitchnick backs bitcoin’s risk-off case as it nears $80,000
Mitchnick linked the renewed focus to renewed spot bitcoin ETF inflows and a decline in bitcoin’s correlation with equities, while warning macro uncertainty remains a near-term hurdle.
BlackRock head of digital assets Robbie Mitchnick said bitcoin’s risk-off characteristics are again becoming the main long-term narrative as the market consolidates near the $80,000 level, according to The Block.
Speaking to CNBC, Mitchnick said the asset can sometimes trade like a risk-on instrument due to its novelty, volatility, and speculative or leveraged activity, but he argued that bitcoin’s longer-term risk and return drivers can diverge from equities and other traditional assets.
The Block reports that Mitchnick pointed to renewed spot ETF inflows and bitcoin’s declining correlation with equities as supportive signals, while also noting that macro uncertainty is still a hurdle for the near term.
The Block also cited its data showing BlackRock’s IBIT as the largest spot bitcoin ETF, with more than $76 billion in assets under management, after bitcoin rebounded from the low $60,000s to briefly above $81,000 earlier this week.
Latest closeBitcoin $79,985.12 ▲1.2%