Asset manager BlackRock (NYSE: $BLK) sees continued strength in Bitcoin (CRYPTO: $BTC) now that its price has broken out of its previous trading range.
Robbie Mitchnick, BlackRock's head of digital assets, sees a bullish macroeconomic outlook for Bitcoin along with growing conviction among investors.
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Mitchnick says that trading volumes in the company's spot Bitcoin ETF hit a record over the past week as the share price tracked BTC's 23% gain and move up to $80,000 U.S.
"Debt and deficit levels are a major concern for markets," said Mitchnick in a media interview, adding that those concerns are benefitting "assets like Bitcoin."
Mitchnick also noted that equities have started to lag behind Bitcoin with the bond market choppy.
BlackRock is well-positioned to benefit from the current rise in Bitcoin's price as its spot BTC ETF has $63 billion U.S. of investor capital.
Mitchnick said that the record trading volumes, coupled with strong inflows, highlight strong conviction among both institutional and individual investors rather than short-term speculation.
IBIT's share price surged 22.59% to $43.68 U.S. last week, its best performance since February 2024, with net inflows of $1.33 billion U.S.
The IBIT fund was trading at $44.46 U.S. on Aug. 27.