Bitcoin Decouples From Stocks as Sentiment Shifts: BlackRock

BlackRock's head of digital assets Robert Mitchnick said Bitcoin sentiment has shifted and decoupled from stocks.

The divergence began in the first half of the year, with AI company shares rising while Bitcoin's price was flat or falling. However, in July, amid a sharp sell-off in the AI sector, Bitcoin outperformed noticeably, which is seen as positive for investors.

Mitchnick noted that core investors buy Bitcoin based on fundamentals and hold it for the long term, having already survived five full boom-and-bust cycles.

Inflows into U.S. spot Bitcoin ETFs totaled $853.54 million in the week ended August 7, with BlackRock's IBIT fund receiving $693.64 million and Fidelity's FBTC getting $116.38 million.