Bitcoin is beginning to pull away from equity markets, BlackRock head of digital assets Robbie Mitchnick said this week, as US spot Bitcoin exchange-traded funds recorded their strongest week of inflows since April.
In July, when AI had the huge pullback, Bitcoin outperformed significantly. That decoupling “is healthy because it’s part of the thesis for a lot of people around bitcoin as a diversifier and potentially a hedge against some of the left-tail risks that exist elsewhere in the portfolio.
BlackRock head of digital assets Robbie Mitchnick The July claim holds up. Bitcoin gained 4.68% over the month while the PHLX Semiconductor Index fell 15.29% and the Nasdaq Composite lost 2.56%, on daily closes from Yahoo Finance. Bitcoin still dropped 9.78% from its 21 July high inside that month, all while crypto and tech stocks selling off together during the rout.
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Correlation is still positive at every window measured, so the link has weakened without disappearing. Mitchnick set that test himself at the Token2049 conference in Dubai in May 2025, when he called the correlation between BTC and tech stocks “an absolutely critical driver” and said that if Bitcoin “trades more like a tech stock, it is not very interesting to institutions.”
US spot bitcoin ETFs drew US$853.5 million (AU$1.21 billion) in the week to 7 August, their largest weekly total since mid-April, according to data provider SoSoValue.
Ether funds added about US$245 million (AU$347.9 million), taking the combined figure past US$1.1 billion. BlackRock’s iShares Bitcoin Trust, already the firm’s highest-grossing product, took about US$693 million (AU$984.1 million) of the BTC total. Cumulative inflows since launch have passed US$52 billion (AU$73.8 billion).
BlackRock runs the fund that took most of the money Mitchnick was describing.
Bitcoin ETFs are still roughly US$4.5 billion (AU$6.39 billion) in net outflow across 2026, based on figures reported this week, so one strong week has not reversed the year.
Mitchnick characterised the funds’ investor base as fundamental, long-term and buy-and-hold, and said Bitcoin has been through five boom-and-bust cycles, each ending higher than the last.
Read more: AI-Powered Bitcoin Audit Uncovers 85 Critical Bugs in Just Over a Day
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