BlackRock's Mitchnick: Bitcoin Not Just Risk-On or Risk-Off Asset
BlackRock's Global Head of Digital Assets Robbie Mitchnick says Bitcoin (BTC) is often misunderstood as a purely 'risk-on' or 'risk-off' asset, but its investment case goes beyond these labels.
Mitchnick spoke on the Crypto Prime podcast and highlighted that investors in BlackRock's iShares Bitcoin Trust ETF (IBIT) have largely held their positions despite a 50% peak-to-trough drop in Bitcoin prices since October 2025.
The decline in assets under management from $99 billion to just under $50 billion was mainly driven by falling prices, with only about $1 billion withdrawn by investors. This limited outflow indicates a predominantly long-term, buy-and-hold investor base.
IBIT has since seen positive net flows for 2026, including roughly $2.5 billion of inflows over the past two-and-a-half weeks as Bitcoin rallied about 30%. Mitchnick linked much of this rebound to growing concerns about global government debt, deficits and pressure in long-term bond markets.
BlackRock views Ethereum (ETH) differently from Bitcoin, seeing it as infrastructure for stablecoins, DeFi, and tokenization. Its staked Ethereum ETF has neared $900 million in assets since its February launch, while its unstaked product (NASDAQ:ETHA) drew about $1 billion last month.