PANews reported on April 30 that at the Token2049 discussion meeting in Dubai, Robert Mitchnick, head of digital assets at BlackRock, said that the capital flow of Bitcoin ETFs is flowing back significantly and is gradually shifting from retail investors to institutional clients.

Mitchnick pointed out that the initial launch of ETFs was dominated by retail clients, including high-net-worth individuals holding more than $100 million. However, the proportion of retail holdings has declined every quarter, while the proportion of institutional and wealth advisory clients has increased. He emphasized that this transformation is not achieved overnight, but requires a longer period of adaptation. Mitchnick also mentioned that although Bitcoin is not reasonably regarded as a leveraged beta of technology stocks, investors may consider including it in their portfolios if it is used as a safe haven or non-currency risk hedging tool.

As for other cryptocurrency ETFs, he believes that they are different from Bitcoin and have different investment positioning, and the current market interest is still focused on Bitcoin. He is cautious about the new ETF policy that the new SEC Chairman Paul Atkins may bring, and believes that the regulatory framework may make certain matters more complicated.