BlackRock’s digital-assets chief says the macroeconomic argument for Bitcoin is gaining strength following a record trading week for the firm’s spot BTC ETF, IBIT.
Robbie Mitchnick, who leads digital assets at BlackRock, said growing concerns over government debt and fiscal deficits are strengthening Bitcoin’s appeal, with investors increasingly turning their attention to scarce assets.
IBIT recorded its largest-ever trading volume for a week in which its price increased since launching in January 2024. TradingView data showed the ETF largely tracked Bitcoin’s roughly 23% weekly rise.
Speaking to CNBC, Mitchnick said elevated U.S. debt and deficit levels remain a major concern for financial markets. He noted that when fiscal worries become more prominent, assets such as Bitcoin and gold tend to benefit.
Bitcoin has also recently outperformed several traditional asset classes. Mitchnick pointed to equities lagging BTC and gold, while fixed-income markets have remained unsettled. He said Bitcoin’s performance in that environment highlights its emerging role as a store of value.
The argument comes as more market participants raise concerns about the sustainability of U.S. government borrowing. Continued fiscal pressure could contribute to financial repression, potentially encouraging investors to allocate more capital toward hard assets with limited supply.
BlackRock sits at the center of the Bitcoin ETF market through IBIT, which is the world’s largest spot Bitcoin ETF and has attracted roughly $63 billion since inception.
About 439.5 million IBIT shares were traded last week as Bitcoin climbed and investors continued to pour money into the fund. The ETF’s all-time volume record remains above 700 million shares, set during the week ending Feb. 6 when Bitcoin fell toward $60,000.
The combination of elevated volume and substantial inflows during a rising market suggests strong conviction among institutional investors rather than activity driven mainly by short-term traders.
IBIT jumped 22.59% to $43.68 last week, marking its strongest weekly gain since February 2024. The fund also received approximately $1.33 billion in net inflows.
SoSoValue data shows IBIT’s monthly inflows have reached around $2.64 billion, making August its strongest month for inflows since October 2025.
