Bitcoin and crypto prices have missed out on the massive, artificial intelligence-fuelled stock market boom this year (though one billionaire has still been able to make $15 billion from bitcoin).
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The bitcoin price has climbed slightly since hitting lows of just under $58,000 per bitcoin in early July, but remains down by almost half since its October 2025 peak, even as SpaceX and Tesla billionaire Elon Musk predicts a crypto game-changer.
Now, with fresh security warnings sparking bitcoin panic, BlackRock’s head of crypto has revealed the world’s largest asset manager has seen a flip in sentiment, forecasting the bitcoin price is heading “significantly higher.”
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“We’ve seen sentiment turn in a noticeable, but subtle way the last month or so,” BlackRock’s head of digital assets Robert Mitchnick told Bloomberg.
"You’ve seen bitcoin decouple from equities starting earlier in the year. For a while, that was hurting bitcoin because equities, particularly AI, were roaring and bitcoin was kind of flat to down."
Mitchnick said that this decoupling from stocks is "healthy" for bitcoin as it serves as a diversifier and a hedge against some of the "left-tail risks" in investors’ portfolios.
“There have been now five major boom and bust cycles,” for bitcoin, Mitchnick said. “Each time, the cycle ends with the bitcoin price significantly higher, but with a bumpy ride along the way. And so it’s been the case with this [cycle] as well."
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Forbes‘This Is Money’—Elon Musk Is Quietly Leading A Financial RevolutionBy Billy BambroughMeanwhile, U.S. spot bitcoin exchange-traded funds (ETFs), led by BlackRock’s IBIT, logged their best five days since mid-April last week, seeing inflows of just over $850 million, according to SoSo Value data.
The ETF rally was likely helped by the Coldcard wallet hack, which strengthened the case for crypto ETFs by undermining confidence in crypto self-custody.