Bitcoin Decouples from Equities as Investors Shift Perception

BlackRock's digital assets head Robert Mitchnick says bitcoin has held up despite a recent decline in AI-related stocks, decoupling from equities.

In an interview with Bloomberg, Mitchnick noted that investors' perception of bitcoin is changing as it has recently lowered its correlation with the stock market, especially AI-related shares.

He attributed this shift to investors starting to see bitcoin not just as a risk asset but also as a diversification tool and an asset to prepare for tail risks in other portfolio holdings.

The trend was supported by actual fund flows, with U.S. spot bitcoin ETFs recording total inflows of $853.5 million over the last five trading sessions, marking the biggest weekly inflow since mid-April.