Bitcoin (BTC) Perception Changes as BlackRock Flags Market Decoupling
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.
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