TL;DR
- BlackRock cautions investors, emphasizing patience and long-term strategies over leveraged trades.
- Bitcoin and XRP show inflows, reflecting institutional interest after Mitchnick’s comments.
- In-kind ETF conversions allowed $3 billion Bitcoin movement without triggering taxable sales.
Robert Mitchnick, the head of crypto assets at BlackRock, recently shared his firm’s perspective on cryptocurrency markets. His public interview attracted considerable attention and coincided with unusual trading activity for both Bitcoin and XRP. Analysts noted a change in investment flows for these crypto assets immediately after his remarks were broadcast.
During the discussion, Mitchnick outlined BlackRock’s current approach to crypto-based exchange-traded funds. He described the evolving position of major crypto currencies within professional investment portfolios.
Prob the closest you’ll get to an answer on why BlackRock isn’t going deeper into the coins. Also stresses patience w bitcoin, traders and leveraged bets are almost always gonna underperform the long term ppl, which is a universal truth. https://t.co/OL91lPnMtB
— Eric Balchunas (@EricBalchunas) November 10, 2025
He specifically mentioned a significant reversal of capital flow for Bitcoin spot ETFs. Mitchnick stated that early investments came predominantly from retail investors and high-net-worth individuals. Now, institutional clients and wealth management firms are steadily growing their share of holdings.
A Noticeable Market Reaction Follows Institutional Guidance
Shortly after his appearance at a financial conference in Dubai, reports of substantial “in-kind” conversions surfaced. Mitchnick confirmed that more than $3 billion worth of Bitcoin entered BlackRock’s platform through these specific ETF transactions. This method allows cryptocurrency holders to directly swap their coins for shares in the fund. It is a process that does not constitute a taxable sale on the open market.
The XRP market also displayed unexpected investment movements around this time. Mitchnick offered no direct opinion on XRP during his interview. However, his broader comments about institutional adoption timelines seemed to align with these market flows. Available data shows that large XRP holders have substantially reduced their selling activity.
Concurrently, Bitcoin’s price rose 1.1% over a twenty-four-hour window to $105,095. XRP recorded a 9.6% gain in the same period, reaching a price of $2.53. Many market participants are now employing a “buy the rumor, sell the news” strategy, anticipating a potential price correction after any major upward movement.
