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BlackRock Reveals Change in Bitcoin: It's Not Individuals, It's Institutions Buying! - Coin Bulletin
The type of capital flowing into Bitcoin ETFs is changing; according to Robert Mitchnick, Head of Digital Holdings at BlackRock, institutional investors have begun to replace retail investors.
Speaking at the Token2049 conference in Dubai, Robert Mitchnick stated that the capital flows towards Bitcoin ETFs are accelerating again and that the profile of investors entering the market is increasingly gaining institutional characteristics.
Mitchnick stated that when ETFs were launched, the initial investments largely came from retail clients, including high-net-worth individuals with positions of 100 million dollars and above. However, he emphasized that over time, the share of retail investors in ETFs has continuously decreased, while the share of institutional investors and asset management consultants has increased.
Bloomberg ETF Analyst Eric Balchunas's comment that Bitcoin has come into the hands of ETF investors and long-term strategists like Michael Saylor was met with "This is a good theory, but the issue is a bit deeper than that" by Mitchnick. Mitchnick stated that perceiving Bitcoin as a leveraged investment in tech stocks is unreasonable, yet he expressed that some widely repeated perceptions in the market have turned into self-fulfilling prophecies.
Mitchnick stated that investors have included Bitcoin in their portfolios as a "safe haven" or "protection against national monetary policies", and therefore the flow of money has started again strongly.
**Mitchnick, who is cautious about altcoin ETFs, stated that altcoins are a different investment proposition than Bitcoin and said, **"Altcoins are positioned much differently in portfolios than Bitcoin. For now, investor interest is overwhelmingly concentrated in Bitcoin," he said.
Evaluating comments by Mitchnick that regulations may become more relaxed during the term of the new SEC Chairman Paul Atkins, he stated that regulations could make some processes even more difficult, saying, "Those who think everything will be opened up will be disappointed."