贝莱德BTC策略负责人罗比·米奇尼克（Robbie Mitchnick

在接受Yahoo Finance的采访时，BlackRock的全球数字资产负责人Robbie Mitchnick添加了比特币最近的停滞，并分享了为什么他认为机构需求可能比其价格暗示的要强。

In an interview with Yahoo Finance, Robbie Mitchnick, Global Head of Digital Assets at BlackRock (NYSE:BLK), discussed Bitcoin's recent stagnation and why he believes institutional demand may be stronger than its price implies.

在接受Yahoo Finance的采访时，BlackRock（NYSE：BLK）数字资产的全球数字资产负责人Robbie Mitchnick讨论了比特币最近的停滞，以及为什么他认为机构需求可能比其价格暗示的要强。

Despite significant hopes pinned on regulatory developments and a “crypto-friendly” turn at the White House, Bitcoin has spent the early months of 2025 hovering around the mid-$80,000 range. This has prompted questions about what catalysts might drive the next price rally.

尽管有巨大的希望固定在监管发展和白宫“加密友好”的转变上，但比特币花了2025年的早期徘徊在80,000美元的中期范围内。这引发了有关哪些催化剂可能推动下一个价格集会的问题。

"Bitcoin is still up, let’s call it 15% or so since the beginning of November. A lot of that move was driven by a combination of interest from institutions and optimism around the potential for government endorsement under the Trump administration," Mitchnick explained.

米奇尼克解释说：“比特币仍在上升，我们称其为11月初以来的15％左右。大部分此举是由于机构对特朗普政府领导下的政府认可潜力的乐观兴趣所驱动的。”

However, he cautioned that accelerated, perhaps premature expectations of just how quickly some of these catalysts would start to arrive might have contributed to the market’s more recent price stagnation.

但是，他警告说，这是加速的，也许对这些催化剂中的某些催化剂的速度有多快的过早期望可能导致了市场最近的价格停滞。

"Many investors and traders had anticipated an immediate spike to follow the White House’s pro-crypto moves. When those gains failed to materialize, some short-term participants began unwinding positions, contributing to downward pressure on Bitcoin’s price."

“许多投资者和交易者预计会立即提出峰值，以跟随白宫的亲联合会举动。当这些收益未能实现时，一些短期参与者开始放松职位，促成了比特币价格的下降压力。”

BlackRock's Bitcoin exchange-traded funds have brought a new wave of institutional exposure to the crypto market, but despite this, outflows have softened to start the year.

贝莱德（Blackrock）的比特币交易所交易资金为加密货币市场带来了新的机构风险，但是尽管如此，从而开始了流出，从而开始了一年。

"2024 was pretty incredible, pretty historic on that front. 2025 to start has been more negative. We’ve seen some outflows in the category—relatively modest in the context of the overall asset base, which is close to $100 billion. And it’s mostly in the past month or so."

“ 2024年非常令人难以置信，在那一边。2025年开始的情况更为负面。我们已经看到了类别中的一些外流 - 在整个资产基础的背景下，依赖于近1000亿美元。这主要是在过去的一个月左右的时间里。”

He attributed this downturn to hedge funds unwinding a spot–futures arbitrage trade that had double-digit yields in 2024 but has since dipped into the single digits. These outflows, he noted, are mainly from short-term traders, rather than the more traditional "buy-and-hold" investor base.

他将这一低迷归因于对冲基金，放弃了一个现场套利交易，该套利交易在2024年具有两位数的收益率，但此后已降低了单位数字。他指出，这些流出主要来自短期交易者，而不是更传统的“购买和持有”投资者基础。

A central question raised in the interview was why Bitcoin has not acted as a safe haven—similar to gold—despite persistent economic uncertainty. While gold has rallied on investor concerns about the economy, Bitcoin has not mirrored that trajectory.

采访中提出的一个核心问题是为什么比特币没有作为避风港（类似于黄金）的避风港，尽管经济不确定性持续不确定。尽管黄金对投资者对经济的担忧集会，但比特币并没有反映出这一轨迹。

Mitchnick suggested that this discrepancy stems from market psychology and what he called "short-term correlation spikes."

米奇尼克（Mitchnick）建议这种差异源于市场心理学和他所谓的“短期相关性尖峰”。

"Bitcoin fundamentally on a long-term basis … should be uncorrelated or even inversely correlated against certain risk factors … But now it’s been extrapolated to things that don’t really make any sense at all—tariffs, economic fears—and the market’s commentary doesn’t reflect what Bitcoin fundamentally is."

“从根本上讲，比特币长期……应该与某些危险因素不相关，甚至与某些危险因素无关……但是现在它被推断为根本没有任何意义的事物 - 五项税务，经济恐惧 - 市场的评论并没有从根本上反映出比特币的内容。”

He went on to emphasize Bitcoin’s unique attributes—its scarcity, decentralized nature, and existence "outside of any one country’s economic, political, or monetary system."

他继续强调比特币的独特属性 - 它的稀缺性，分散的性质和存在“在任何一个国家的经济，政治或货币体系之外”。

Over the long term, Mitchnick sees these properties as justifying Bitcoin’s "digital gold" comparison, but he concedes that investor behavior often treats it as a high-volatility, "risk-on" asset in the short run.

从长远来看，米奇尼克（Mitchnick）将这些属性视为比特币的“数字黄金”比较是合理的，但他承认，在短期内，投资者的行为通常将其视为高挥发性，“风险启用”资产。

When asked about the US government’s stance—particularly in light of a Trump administration authorization for a strategic Bitcoin reserve—Mitchnick was cautious, noting that "a lot still remains to be determined on that front."

当被问及美国政府的立场 - 尤其是根据特朗普政府的战略比特币储备的授权，米奇尼克很谨慎，并指出：“在这方面仍然有很多待决定。”

He emphasized that: "What we have clearly seen is a pretty emphatic signal of support and conviction in this industry and particularly in Bitcoin and Bitcoin’s uniqueness … Whether and on what timeline … that might be funded, there’s a few different sources … but it’s certainly not the only source of adoption catalyst in 2025."

他强调：“我们清楚地看到的是在这个行业，尤其​​是比特币和比特币的独特性中的支持和信念的强调信号……无论是以及在什么时间表上……可能是资助的时间表，都有一些不同的来源……但这无疑不是2025年唯一的收养催化源。”

Although speculation is building around whether the government will officially begin stockpiling Bitcoin, Mitchnick stressed that the broader institutional and wealth advisory community continues accumulating positions. These investors, in his view, remain "very excited" by current market conditions despite the recent downturn.

尽管政府是否将正式开始库存比特币，但米奇尼克（Mitchnick）强调，更广泛的机构和财富咨询社区继续积累立场。在他看来，尽管最近经历下滑，但这些投资者仍然对当前市场状况感到“非常兴奋”。

Mitchnick also addressed recent headwinds, including the ByBit hack that briefly dampened market sentiment. He suggested that heightened volatility can shake short-term traders out of the market, but longer-term, more sophisticated holders often see price dips as buying opportunities.

米奇尼克（Mitchnick）还谈到了最近的逆风，其中包括短暂抑制市场情绪的Bybit Hack。他建议，增强的波动性可以使短期交易者从市场上振作起来，但长期，更复杂的持有人通常将价格下降视为购买机会。

"Some of them were taking chips off the table a little bit in the [$100,000] range … Now they see this correction and a lot of them view it as sort of an irrational selloff … We’re trying to bring some quantitative rigor to that as well."

“他们中的一些人在[100,000美元]的范围内将筹码稍微拿走了一点……现在他们看到了这种纠正，许多人认为它是一种不合理的抛售……我们也试图对此进行一些定量的严格性。”

At press time, BTC traded at $84,197.

发稿时，BTC的交易价格为84,197美元。