Robert Mitchnick, the head of digital assets at BlackRock, said bitcoin market sentiment has improved noticeably but only to a limited degree over the past month, and that the token's correlation with US equities is weakening. He argued this supports the case for bitcoin as a portfolio diversifier and a tail-risk hedge. In July, when the AI sector sold off sharply, bitcoin clearly outperformed, which Mitchnick sees as evidence of that decoupling. Even with bitcoin down nearly 30% for the year and roughly 50% from a year ago, ETF investors have kept buying. US spot bitcoin ETFs recorded $854 million in inflows last week, their best weekly total since mid-April, according to Odaily. BlackRock's IBIT accounted for $694 million of that, more than 80% of the total, while Fidelity's FBTC contributed $116 million. The latest weekly data show demand from ETF investors remained firm even as bitcoin trades well below its year-ago price.
US spot bitcoin ETFs collected $854 million in net inflows last week, their strongest weekly result since mid-April, according to data cited by Odaily.
BlackRock's IBIT led the way with $694 million, or more than 80% of the total. Fidelity's FBTC added $116 million.
The inflows continued even as bitcoin sits roughly 30% lower year-to-date and about 50% below its level a year earlier. BlackRock digital assets head Robert Mitchnick said market sentiment has shown a noticeable but limited improvement over the past month. He also said bitcoin's correlation with US equities is fading, which he argues strengthens the case for treating bitcoin as a portfolio diversifier and a tail-risk hedge. July's sharp pullback in AI-related assets, during which bitcoin outperformed, was cited by Mitchnick as evidence of that decoupling.
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