BlackRock’s digital assets chief, Robert Mitchnick, revealed that more than 90% of Bitcoin ETF investors, including retail investors, financial advisors, and institutions, follow a long-term accumulation strategy.
Speaking to CNBC, he noted that retail investors are highly focused on growth, often buying during market dips to steadily increase their holdings. In contrast, hedge funds, representing roughly 10% of ETF participants, tend to use short-term, tactical trading strategies.
Mitchnick emphasized that the majority of investors maintain a consistent, patient approach, highlighting the stability and long-term confidence within BlackRock’s Bitcoin ETF investor base.
“The vast majority of our investor base has been consistent in steadily accumulating Bitcoin,” Mitchnick explained.
ETF Trading Strategies Vary Across Investors
Mitchnick noted that hedge funds may employ basis trades, spot ETF long positions, and futures shorting. These strategies are largely market-neutral, producing temporary inflows and outflows, but do not represent the broader trend.
The long-term accumulation behavior of the 90% majority has provided stability, even during periods of market downturns. Despite recent declines in Bitcoin prices, BlackRock’s iShares Bitcoin Trust (IBIT) attracted $26 billion in inflows in 2025, ranking fourth globally among ETFs by inflows.
Mitchnick emphasized that while other areas of the crypto market saw selling pressure such as offshore leveraged perpetual platforms, ETF investors maintained a steady, fundamental-focused approach.
Bitcoin and Ethereum Dominate Crypto ETF Demand
Investor interest in crypto ETFs continues to be strongly focused on Bitcoin and Ethereum. BlackRock is carefully evaluating opportunities in other digital assets but remains selective in expanding its ETF offerings.
According to Robert Mitchnick, the growth of new crypto ETFs depends on several key factors, including market maturity, liquidity, and the practical use cases of each asset.
The firm emphasizes a disciplined approach, ensuring that any additions to its ETF lineup meet high standards for investor protection, stability, and long-term potential, while maintaining confidence among both retail and institutional investors.
Staking Enhances Ethereum ETF Potential
BlackRock recently launched ETHB a staking-enabled Ether ETF, which drew over $43 million in net inflows on its debut, according to Farside Investors. Earlier Ethereum ETFs, ETHB allows investors to participate in network staking rewards, adding an income component that could attract more long-term investors.
BlackRock’s flagship Ethereum ETF, ETHA, has also performed exceptionally, becoming the third-fastest ETF to reach $10 billion in assets under management, trailing only IBIT and FBTC. With staking rewards now incorporated, ETHB is positioned to become a leading vehicle for Ether exposure, providing investors with both growth potential and income opportunities.
