BlackRock's Global Head of Digital Assets Denies "IBIT Hedge Fund Liquidation Caused Significant Market Decline"

Odaily News BlackRock's Global Head of Digital Assets, Robert Mitchnick, stated that current institutions, sovereign funds, and banks are all buying Bitcoin on dips. Addressing market rumors that "the recent sharp market decline was caused by IBIT hedge fund liquidations dumping Bitcoin," Mitchnick said: "There is a misconception that hedge funds are maliciously dumping within ETFs to create volatility, but the data completely contradicts this narrative. During last week's severe Bitcoin correction, BlackRock's IBIT saw net redemptions of only 0.2%. If there were indeed massive hedge funds frantically closing positions for arbitrage, we should have seen billions of dollars in outflows. The reality is: the liquidations were concentrated on leveraged perpetual contract platforms. IBIT's capital base is extremely robust, with holders primarily consisting of long-term allocation funds."