BlackRock Sees Bitcoin Sentiment Reversal Amid AI Slump
BlackRock's head of digital assets says Bitcoin is outperforming amid weakness in AI stocks, reinforcing its diversification role. Meanwhile, large holders are accumulating, with addresses holding 10,000+ BTC reaching a six-month high.
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Robert Mitchnick, BlackRock's head of digital assets, pointed to a noticeable improvement in Bitcoin's performance as the AI sector experienced a downturn. He suggested this trend reinforces Bitcoin's role as a portfolio diversifier.
On-chain data supports the shift in holder behavior. The count of addresses holding at least 10,000 BTC has climbed to the highest level in six months, indicating accumulation by large investors. In contrast, smaller wallets have been shedding their positions.
Source: ForkLog