$BTC
BlackRock’s Digital Assets Head on Bitcoin ETFs: ‘Flows Are Surging Again’
According to Robert Mitchnick, BlackRock’s Head of Digital Assets, investment inflows into Bitcoin ETFs have returned strongly—but the nature of those inflows is shifting. Speaking at the Token2049 conference in Dubai, Mitchnick explained that while initial ETF investments came largely from retail investors, including ultra-high-net-worth individuals with positions exceeding $100 million, the dynamic is changing.
“We’re seeing a major resurgence in flows,” Mitchnick said during a panel discussion. “But over time, the retail share has declined, while institutional and wealth advisory clients are steadily increasing their exposure.” He noted that adoption among institutions follows a longer cycle and doesn’t happen overnight.
Mitchnick appeared alongside VanEck CEO Jan Van Eck and Giovanni Vicioso, CME Group’s Global Head of Cryptocurrency Products. The session was moderated by Bloomberg Senior ETF Analyst Eric Balchunas.
When Balchunas suggested that Bitcoin had transitioned from “weak hands” to “strong hands,” referring to ETF holders and figures like Michael Saylor via MicroStrategy, Mitchnick called it an interesting take—but incomplete. He dismissed the notion that Bitcoin acts merely as a leveraged play on U.S. tech stocks, saying the comparison lacks fundamental grounding. Still, he acknowledged that repeated narratives can sometimes become self-fulfilling.
