How is gold related to this decline?

Gold and other traditional inflation hedges have faced similar pressure due to capital flowing into AI.

BlackRock: AI Is Sucking Capital From Bitcoin, Causing 20% Drop

Q: Could Bitcoin recover soon?

Mitchnick suggests US debt fears could reignite interest in Bitcoin around the midterm elections.

BlackRock Managing Director Robert Mitchnick says Bitcoin's recent weakness is due to capital flowing into AI, not crypto-specific problems. Bitcoin has fallen 20% over the past month, and gold has faced similar pressure.

June 24, 2026

1 min read

Source: Benzinga

Key Numbers

bitcoin decline

20%

period

past month

BlackRock (BLK) Managing Director Robert Mitchnick says Bitcoin's recent weakness is due to capital flowing into AI, not crypto-specific problems. Bitcoin has fallen 20% over the past month, and gold has faced similar pressure.

Reasons for the Decline

Mitchnick argued that Bitcoin's weak stretch since October has little to do with crypto-specific issues and everything to do with capital flooding into AI instead. He noted gold and other traditional inflation hedges have faced the same pressure.

Context

The comments come amid a broad crypto market downturn, with Bitcoin dropping 20% in the past month. Mitchnick suggested that US debt fears could reignite interest in Bitcoin around the midterm elections.

What This Means for Investors

BlackRock's remarks highlight that macro factors, such as capital flows into AI, can impact Bitcoin regardless of its fundamentals. This may indicate that Bitcoin needs new catalysts to regain momentum.

Frequently Asked Questions

BlackRock's Robert Mitchnick says it's due to capital flowing into AI, not crypto-specific issues.

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This article was rewritten in Wrqti's editorial style based on information from the original source above. Content is informational only — not investment advice.