DeutschWhile the crypto market fluctuates and headlines mostly focus on price crashes, a completely different story is unfolding in the background. One of the most influential players in the global financial world reports a trend that is likely to surprise many observers: investors aren’t selling – they continue to accumulate Bitcoin. This is what Robert Mitchnick, head of digital assets at asset giant BlackRock, points out in an interview with US business channel CNBC.
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Despite severe price fluctuations, investors in the spot Bitcoin ETF sector showed remarkably stable behavior. At the center is the exchange-traded fund iShares Bitcoin Trust. This is one of the largest Bitcoin ETFs worldwide and is managed by BlackRock. According to Mitchnick, many investors here deliberately stick to a long-term strategy – even during phases of sharp price declines. The recent price development could theoretically have caused panic.
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Since the all-time high in October, Bitcoin has lost around half of its value. In traditional financial markets, such a decline often triggers frantic selling. But that doesn’t seem to be happening in the ETF segment. Mitchnick describes a different picture: many investors follow a classic buy-and-hold strategy. They react less to short-term price fluctuations and focus more on long-term fundamentals. “In these products, there are significantly more investors with a buy-and-hold strategy than many believe,” the BlackRock manager explained.
The development of the IBIT fund is particularly striking. Despite Bitcoin’s significant price decline, capital inflows have remained positive since the beginning of the year. An unusual phenomenon in the ETF market. Because normally, funds with negative price performance quickly lose attractiveness. Investors withdraw money and look for better-performing alternatives. However, a different behavior seems to be taking hold with BlackRock’s Bitcoin ETF.
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Many investors apparently don’t view price declines as a warning signal, but as an entry opportunity. Mitchnick emphasizes that retail investors play an important role. This group is among the most long-term oriented investors in the entire ETF segment. For them, falling prices represent more of an opportunity to build additional positions. A small portion of market participants acts quite differently. Hedge funds often use so-called basis strategies, where short-term price differences between different markets are exploited. According to Mitchnick, however, this group accounts for only around 10% of total demand.
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The much larger portion – over 90% – consists of retail investors, financial advisors, and institutional investors. And according to BlackRock, they show remarkably consistent behavior. A look at the figures from 2025 underscores this development. According to Mitchnick, the IBIT fund was among the world’s most successful ETFs in terms of capital inflows – even though Bitcoin’s price performance was negative during this period.
With around $26 billion in inflows, the fund even made it to fourth place among ETFs with the highest capital inflows worldwide. A remarkable result. Especially because IBIT was simultaneously among the few products that attracted enormous investor interest despite weak price performance. The BlackRock manager’s statements thus provide a rare insight into the behavior of large investor groups.
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While headlines often talk about panic selling, a different dynamic is apparently emerging in the background. Many investors are holding their positions – or even building them up. Mitchnick’s message is therefore clear: a large portion of ETF investors aren’t leaving the market. On the contrary. While prices fluctuate, long-term accumulation seems to be developing in the background. Or to put it another way: some are buying – and pretty quietly at that. (mck)
