BlackRock’s Mitchnick says Bitcoin’s market behavior remains unpredictable

BlackRock Digital Assets Head Robbie Mitchnick noted that Bitcoin’s price movements often defy expectations, making it difficult for some institutional investors to categorize, according to Blockworks. While its scarcity suggests it should act like digital gold, it sometimes trades more like a risk asset. He pointed to Bitcoin’s decline following tariff announcements and last summer’s market dip, arguing that such short-term volatility is largely driven by speculators rather than long-term investors.