Bitcoin (BTC) and Altcoin Statement from BlackRock!

Speaking at a panel discussion at Token2049 in Dubai, BlackRock Head of Digital Assets Robert Mitchnick said that spot Bitcoin ETF flows are recovering and that flows are shifting from retail clients to institutional clients. BlackRock executive Mitchnick noted that when spot Bitcoin ETFs were launched, initial flows came predominantly from retail clients, including high-net-worth individuals with positions of $100 million or more. However, Mitchnick said that this situation is changing, and that while the percentage of retail customers' holdings is decreasing each quarter, the percentage of corporate customers' holdings is increasing. Also on the panel, Bloomberg ETF analyst Eric Balchunas noted that Bitcoin has moved from weak hands to strong hands, namely ETF holders, and Michael Saylor (via Strategy), while Mitchnick said there’s more to the situation with Bitcoin. Finally, when asked about altcoin ETFs, Mitchnick said that altcoins are a different investment proposition. While Bitcoin is a potential hedge or portfolio diversifier, he argued that this is not the case for altcoins and that ETFs are not possible for now. “Altcoins will figure very differently in a portfolio over time. But for now, the focus is still overwhelmingly on Bitcoin.” *This is not investment advice. Continue Reading: Bitcoin (BTC) and Altcoin Statement from BlackRock!