- Bitcoin has missed out on the AI-driven stock rally this year, remaining nearly 50% below its October 2025 peak.
- BlackRock head of digital assets Robert Mitchnick reports a subtle but noticeable shift in sentiment, predicting bitcoin will go “significantly higher.”
- U.S. spot bitcoin ETFs logged their best five-day inflow period since mid-April, taking in over $850 million amid the Coldcard wallet hack fallout.
Bitcoin prices have failed to participate in the Artificial Intelligence-fueled stock market boom this year, even as one billionaire managed to make $15 billion from the cryptocurrency. The bitcoin price climbed slightly from early July lows near $58,000 but remains down by roughly half since its October 2025 peak.
Now, fresh security warnings have sparked panic, yet BlackRock sees a flip in sentiment. Robert Mitchnick, the firm’s head of digital assets, told Bloomberg: “We’ve seen sentiment turn in a noticeable, but subtle way the last month or so.”
Mitchnick noted that bitcoin decoupled from equities earlier this year, a move he considers healthy. “You’ve seen bitcoin decouple from equities starting earlier in the year. For a while, that was hurting bitcoin because equities, particularly AI, were roaring and bitcoin was kind of flat to down,” he explained.
He emphasized that bitcoin serves as a diversifier against left-tail risks in portfolios. “There have been now five major boom and bust cycles. Each time, the cycle ends with the Bitcoin Price significantly higher, but with a bumpy ride along the way,” Mitchnick added.
Meanwhile, U.S. spot bitcoin ETFs, led by BlackRock’s IBIT, logged their best five days since mid-April last week with inflows exceeding $850 million. The August rally was likely boosted by the devastating Coldcard wallet hack, which undermined confidence in self-custody and strengthened the case for ETF-based exposure.
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