BlackRock’s Mitchnick notes improving Bitcoin sentiment as it decouples from equities

Robert Mitchnick, BlackRock’s head of digital assets, is sounding increasingly bullish on Bitcoin’s positioning, pointing to improving sentiment and a meaningful decoupling from traditional equity markets. The core argument is one Mitchnick has been building for over a year: Bitcoin doesn’t move in lockstep with stocks, and that makes it genuinely useful in a portfolio. During periods of equity market stress, Bitcoin has at times exhibited a correlation to the Nasdaq 100 as low as -0.43. In plain terms, when tech stocks zigged, Bitcoin zagged. The decoupling thesis gains traction During volatile stretches across 2025 and into 2026, Bitcoin maintained its value even as major indices like the S&P 500 and Nasdaq declined. Mitchnick has framed Bitcoin as a “non-sovereign and scarce asset,” language designed to resonate with the kind of institutional investors who think in terms of asset class characteristics rather than price charts. IBIT holders aren’t flinching The iShares Bitcoin Trust (IBIT) has seen remarkably sticky capital. During periods of market volatility, only about 0.2% of IBIT holdings were redeemed. That number is striking. ETF investors, particularly institutional o...