Bitcoin is no longer just a risky asset, says BlackRock executive

Is Bitcoin changing categories? After bouncing back from the $60,000 range to briefly exceed $81,000, BTC is performing better than stocks and is behaving more like gold. According to Robbie Mitchnick, head of digital assets at BlackRock, this trend reinforces its role as a diversifier against public debts, deficits, and currency erosion. This thesis is supported by the return of institutional capital, but it remains fragile in the short term.

Key Points {#h-key-points}

• Robbie Mitchnick (BlackRock) believes that the narrative of Bitcoin as a safe-haven asset is the one to bet on in the long term, driven by global budgetary concerns.
• U.S. Bitcoin spot ETFs recorded approximately $2.4 billion in net inflows, their best month of the year, while Strategy has not been buying since May.
• The correlation of BTC with the Nasdaq has dropped to around 0.3, down from nearly 0.9 at its peak, with Bitcoin behaving more like gold.
• The $80,000 to $83,000 range serves as a key resistance level, with the mid-$70,000s identified as the first support.

BlackRock compares Bitcoin to gold

In an interview with CNBC, Robbie Mitchnick acknowledges that Bitcoin can behave like a risky asset. Its volatility, relative novelty, and the weight of leveraged trading regularly strengthen its correlation with tech stocks.

However, its fundamental drivers would be different. BlackRock describes BTC as an emerging, rare, global, and decentralized monetary alternative. When concerns about debt, deficits, and the purchasing power of currencies come to the forefront, Bitcoin could benefit from the same protective reflex as gold.

In the long term, this is the narrative to bet on, says this BlackRock executive, who claims to find this perspective among institutional investors met by BlackRock. Younger generations are turning to Bitcoin as a store of value, where their parents traditionally favored the yellow metal.

The manager directly benefits from this evolution. Its Bitcoin spot ETF IBIT now exceeds $76 billion in assets under management, making it the largest product of its kind in the United States.

The correlation between Bitcoin and the Nasdaq has also dropped to around 0.3, down from nearly 0.9 at its recent peak. Thus, BTC has evolved more independently of tech stocks during August. This decoupling remains, however, temporary and does not guarantee that Bitcoin will maintain this behavior during the next market shocks.

ETFs support the rebound

U.S. Bitcoin spot ETFs recorded approximately $2.4 billion in net inflows in August, according to Thomas Perfumo, chief economist at Kraken. This is their best month of 2026, allowing them to erase almost half of the net outflows accumulated since January.

This recovery comes as Strategy has not been buying Bitcoin since May. The return of Michael Saylor's company could therefore strengthen demand, even if the cumulative purchases of Strategy and the ETFs over 30 days remain below the levels observed during the previous bull market.

In the short term, Bitcoin still needs to break through the range between $80,000 and $83,000. The May peak, slightly below $83,000, constitutes the next major resistance. After a rejection at $81,200, the mid-$70,000s represent the first significant support.

Several uncertainties could slow the movement: U.S. monetary policy, the conflict between the U.S. and Iran, and discussions around the Clarity Act. However, Robbie Mitchnick considers this text to be less decisive for Bitcoin than for DeFi and other crypto assets, as BTC already has a relatively established regulatory recognition.

The current rebound thus reinforces the thesis of Bitcoin being used as a hedge against monetary risk. But its recent drop to $60,000 reminds us that it is still capable of dropping with stocks. Its status as a diversifier will need to be judged over the long term, not based on a few weeks of decoupling. And clearly, BlackRock understands this.

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