BlackRock’s head of crypto, Robbie Mitchnick, says the gravitational center of Bitcoin’s market structure has shifted decisively from miner issuance to exchange-traded fund demand—and that’s why classic four-year “halving cycles” should command far less attention than they used to. In a Bankless interview released November 10, Mitchnick argued that the ETF era is now the dominant flow regime for BTC, even as leverage and short-term derivatives noise continue to whipsaw prices.

ETF Inflows Now Dwarf The Bitcoin Halving

“It’s not over,” Mitchnick said when asked whether the latest sell-off marked the end of Bitcoin’s current cycle. “This is the fifth cycle we’ve seen […] through each successive cycle, the level that Bitcoin reached was massively higher than the prior cycle.” He added a p

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