Haciyev Reşit 
Following the recent decline in Bitcoin’s price, attention has once again turned to the spot ETF market—particularly to BlackRock’s IBIT fund, which has become the center of debate. Rising volatility and sharp price movements in recent weeks have led some market participants to focus on the possibility of large-scale institutional selling. In this context, it was suggested that IBIT, the spot Bitcoin ETF of BlackRock—the world’s largest asset manager—may have triggered the selling pressure. However, statements from BlackRock have provided a clear response to these claims. Company officials openly rejected the view that the price drop was driven by IBIT, emphasizing that fund outflow data does not support such allegations. This statement has reignited discussions about the underlying dynamics behind Bitcoin’s decline.
Clear Message from Robert Mitchnick
Speaking at the Bitcoin Investor Week 2026 event, Robert Mitchnick, Global Head of Digital Assets at BlackRock, firmly pushed back against claims that the IBIT fund had triggered market volatility. He stressed that interpretations suggesting the recent price drop stemmed from spot ETFs do not align with the data.
Mitchnick stated:
“There is a misunderstanding that hedge funds are maliciously selling within ETFs to create volatility. If hedge funds had held large positions through ETFs and suddenly liquidated them, we would have seen billions of dollars in outflows. Instead, IBIT experienced only a 0.2% withdrawal.”
This statement significantly weakens claims of large-scale panic selling in spot Bitcoin ETFs. It also strengthens the view that price movements may be driven more by leveraged derivatives markets rather than ETFs.
Is the Real Pressure in Leveraged Markets?
According to Mitchnick, the primary source of Bitcoin’s volatility is not spot ETFs but leveraged perpetual futures platforms. While billions of dollars in positions have been liquidated in derivatives markets in recent weeks, spot ETF fund flows have remained relatively balanced and stable. This suggests that price fluctuations may have been driven more by highly leveraged offshore platforms.
Mitchnick also noted that during price declines, some institutional investors, sovereign funds, and banks entered the market as buyers. This indicates that selling pressure has not been one-sided and that long-term investors may be viewing price drops as opportunities. Finally, he emphasized that the IBIT fund’s capital base is strong and largely composed of long-term investors. Thanks to this structure, short-term speculative movements have had a limited impact on the fund, and there have been no sudden, panic-driven large-scale outflows.
Are ETFs to Blame for Bitcoin’s Decline?
While geopolitical risks, macroeconomic uncertainty, and leveraged liquidations in derivatives markets stand out among the key drivers of Bitcoin’s price decline, BlackRock’s IBIT fund is argued not to have been a determining factor in this process. The limited 0.2% outflow weakens claims of ETF-driven chain-reaction selling. Going forward, Bitcoin’s price direction will likely continue to be shaped by macroeconomic developments, institutional demand, and leveraged market dynamics.
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