BlackRock's digital assets head says Bitcoin's macro case keeps strengthening as regulatory concerns move to the background. Bitcoin trades around $78,000, with the market now tracking institutional flows and macro conditions more than policy headlines, though prediction markets see little chance of a sharp year-end rally.
Robbie Mitchnick, who leads digital assets at BlackRock, said Bitcoin's macroeconomic appeal is growing as regulatory concerns diminish, according to comments reported by CNBC Markets. Bitcoin was trading around $78,000 at the time of his remarks.
Mitchnick's comments point to a shift in how the market reads Bitcoin. Regulatory questions have taken a back seat, and price action now tracks institutional fund flows and macro conditions more closely than policy developments, the report said.
Prediction markets, however, show little confidence in a sharp near-term rally. Related contracts price only a 2% chance Bitcoin reaches $200,000 by year-end, even as pricing in Bitcoin markets remains consistent with scenarios where Bitcoin's price could rise significantly.
Several catalysts could move Bitcoin from here, according to the report. Announcements from institutional investors and shifts in macroeconomic conditions rank among them, alongside potential Federal Reserve policy moves and legislative developments in the U.S. Congress. A technical move such as Bitcoin breaching the $100,000 mark would also signal a broader shift in sentiment.
Source: Crypto Briefing
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