Robert Mitchnick, BlackRock's Head of Digital Assets, discussed the firm's crypto strategy in a recent interview, emphasizing patience with Bitcoin and cautioning against leveraged trading. His remarks coincided with a reversal in Bitcoin ETF flows, including over $3 billion in 'in-kind' conversions that allowed holders to swap coins for ETF shares without selling. This followed a period of outflows, with BlackRock's iShares Bitcoin Trust (IBIT) recording a $570 million weekly outflow—a nine-month high—though Bitcoin's price rebounded to $105,095, up 1.1% in 24 hours.
Meanwhile, XRP saw unexpected investment activity, with whales reducing selling by $650 million and new ETF entries listed on the Depository Trust & Clearing Corporation (DTCC), triggering a 20-day SEC review. XRP's price surged 9.6% to $2.53, amid speculation about institutional adoption. Mitchnick highlighted that institutional clients are increasing their share in Bitcoin ETFs, while warning new investors to avoid leverage, citing examples like a trader losing $450 million in liquidations.
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