From April 30 to May 1, the TOKEN2049 conference is taking place in Dubai. During one of the panel discussions, the head of BlackRock’s digital assets division participated. He reported a resurgence in capital inflows into spot Bitcoin ETFs, noting that currently, this is primarily institutional investment.
This is reported by Finway
Changes in Capital Structure
Robert Mitchnick, head of BlackRock’s digital assets division, emphasized that net capital inflows into spot Bitcoin ETFs have increased again, but the structure of these inflows has undergone significant changes. Initially, interest in these products was mainly from retail clients, but now institutional investors are paying more attention.
According to Mitchnick, the share of retail capital in the total inflows into spot Bitcoin ETFs is decreasing each quarter. This indicates a consistent transfer of assets from retail investors to a larger number of institutional market participants.
Bitcoin as a “Safe Haven”
The moderator of the discussion, Bloomberg Intelligence analyst Eric Balchunas, noted that changes in investor interest may indicate a “transfer of Bitcoin from weak hands to stronger ones.” Mitchnick agreed with this statement, pointing out that Bitcoin has become a “low beta play.” The decrease in Bitcoin’s correlation with the stock market, particularly with American company stocks, has also been confirmed by Standard Chartered Bank, which predicts further growth of the asset.
“It doesn’t make fundamental sense, yet when it happens often enough, it can become a bit self-fulfilling, can’t it? This is something that can happen reflexively because enough experts, research publications, and other commentators have said it will,” Mitchnick noted.
During the past week, from April 21 to April 25, 2025, net capital inflows into spot Bitcoin ETFs reached their highest level since November 2024.