BlockBeats News, August 11th. Robert Mitchnick, Head of Digital Assets at BlackRock, stated that in the past month or so, there has been a "noticeable but subtle" shift in Bitcoin market sentiment. Earlier this year, Bitcoin gradually decoupled from the US stock market. Previously, due to the surge of AI stocks, Bitcoin's performance was flat, and this decoupling was once detrimental to Bitcoin.

Mitchnick pointed out that when AI stocks experienced a significant pullback in July, Bitcoin's performance was notably better than the US stock market. He believes this decoupling is healthy because many investors view Bitcoin as a diversification tool in their portfolios and may use it to hedge against tail risks faced by other assets. He also noted that Bitcoin ETF investors overall are still primarily being driven by fundamentals and long-term hodling.

In terms of fund flows, the US spot Bitcoin ETF saw net inflows for five consecutive trading days last week, totaling around $853.5 million, marking the best single-week performance since mid-April. Among them, BlackRock's BITN saw net inflows of $693.7 million, accounting for over 80% of all net flows into spot Bitcoin ETFs; Fidelity-related ETFs saw net inflows of $116.4 million, representing approximately 13%.

Mitchnick stated that Bitcoin has always been highly volatile, having gone through five major boom-and-bust cycles so far, with each cycle ending at a significantly higher price than the previous one, but accompanied by intense fluctuations along the way.