Today at the Token2049 conference in Dubai, Robert Mitchnick, BlackRock’s Head of Digital Assets, shed some insight that capital is once again flowing robustly into spot Bitcoin ETFs — but with a notable shift in who is investing. 

“The flows are back in a big way,” Mitchnick declared during a panel discussion alongside VanEck CEO Jan Van Eck and CME Group’s Giovanni Vicioso. Moderated by Bloomberg’s Eric Balchunas, the conversation focused on the evolving investor landscape in crypto markets.

Mitchnick explained that when spot Bitcoin ETFs were first launched, most inflows came from retail investors, including some high-net-worth individuals placing positions as large as $100 million. But the composition has changed over time. “Every quarter, the percentage held by retail clients has gone down while the percentage held by institutional and wealth advisory clients has gone up,” he said in the panel discussion. This shift, he noted, reflects a longer adoption cycle for institutional investors. “It wasn’t a flip-the-switch situation.”

The return of interest in Bitcoin appears to be driven by broader macroeconomic concerns. Last week, Jay Jacobs, BlackRock’s U.S. Head of Thematics and Active Equity ETFs, offered a succinct explanation: “Bitcoin thrives when you have more uncertainty.” In times of market distress or geopolitical instability, investors tend to seek assets not tied to the risks of any one country or central bank — a role Bitcoin is increasingly being seen to fulfill. This sentiment echoes long-standing views from BlackRock CEO Larry Fink, who has repeatedly suggested that Bitcoin offers investors a modern safe haven. 

During the panel, Mitchnick also challenged the notion that Bitcoin behaves merely as a leveraged proxy for tech stocks. “It doesn’t make any fundamental sense,” he said, though he acknowledged that such narratives can become “self-fulfilling” if repeated often enough.

Addressing questions about altcoin ETFs and possible regulatory changes under new SEC leadership, Mitchnick was cautious. “Those who think ‘everything goes’ will be disappointed,” he said, warning that while frameworks may evolve, they could also introduce new limitations. For now, Bitcoin remains the dominant asset of interest.

“The interest is still overwhelmingly Bitcoin,” Mitchnick concluded.   

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