BlackRock says Bitcoin (BTC) sentiment is shifting as the cryptocurrency separates from equities and spot ETF investors keep buying despite a prolonged price decline.
Key Points:
- Bitcoin has increasingly decoupled from equities in 2026, according to BlackRock.
- U.S. spot Bitcoin ETFs drew about $853.5 million last week, their strongest weekly inflow since mid-April.
- BlackRock’s IBIT captured more than 80% of those inflows.
Bitcoin ETF Flows
The Block reported that BlackRock Head of Digital Assets Robert Mitchnick said investor sentiment has changed over the past month as Bitcoin’s performance diverged from stocks. He said the separation became clearer earlier this year, when rising AI-linked equities left Bitcoin flat or lower.
That relationship shifted in Jul., when AI stocks pulled back sharply while Bitcoin performed better, a change Mitchnick called “healthy” for the cryptocurrency’s role as a possible portfolio diversifier.
The flow data supports signs of continued institutional demand. U.S. spot Bitcoin ETFs attracted about $853.5 million across five consecutive sessions last week, while BlackRock’s IBIT took in $693.7 million and Fidelity added $116.4 million.
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Bitcoin Decoupling
Mitchnick said spot Bitcoin ETF holders have generally behaved like “fundamental, long-term, buy-and-hold” investors despite the asset’s volatility. Bitcoin traded at $63,853 on Aug. 10, down about 2% on the day, nearly 30% in 2026 and roughly 50% from a year earlier.
The Coldcard exploit, which reportedly led to more than $100 million in Bitcoin being stolen from cold storage, has also fueled speculation that some holders are moving assets from self-custody into regulated funds.
