PANews, August 11 — BlackRock’s head of digital assets, Robert Mitchnick, noted that over the past month, Bitcoin market sentiment has shown a clear but subtle improvement, and its correlation with U.S. stocks is weakening — a healthy development for Bitcoin’s thesis as a portfolio diversifier and tail-risk hedge. He pointed out that during the sharp sell-off in the AI sector in July, Bitcoin significantly outperformed, reflecting this decoupling. Although Bitcoin is down nearly 30% year-to-date and about 50% from a year ago, ETF investors continue to buy — U.S. spot Bitcoin ETFs recorded $853.5 million in inflows last week, the best weekly performance since mid-April. Of that, BlackRock’s IBIT contributed $693.7 million (over 80%), and Fidelity’s FBTC added $116.4 million. Bloomberg analyst Eric Balchunas noted that multiple funds saw daily net inflows after the Coldcard vulnerability was disclosed, and “it’s hard not to see causation.”
