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A video featuring Robert Mitchnick, BlackRock’s Head of Digital Assets, has garnered significant attention across the crypto market. His remarks on crypto asset strategy coincided with unexpected investment activity in Bitcoin and XRP.
In the interview, Mitchnick discussed BlackRock’s approach to crypto-based exchange-traded funds and the evolving role of major digital assets within institutional portfolios. Following the video’s release, analysts noted unusual inflows and trading patterns in both Bitcoin and XRP.
Prob the closest you’ll get to an answer on why BlackRock isn’t going deeper into the coins. Also stresses patience w bitcoin, traders and leveraged bets are almost always gonna underperform the long term ppl, which is a universal truth. https://t.co/OL91lPnMtB
— Eric Balchunas (@EricBalchunas) November 10, 2025
The former Ripple executive noted that BlackRock is cautious in the crypto market because most coins are considered worthless. He praised Bitcoin, stating that its dominance demonstrates its enduring value over time.
However, X users who have become sensitive to social media videos said that the video is AI-generated. One X user said, “his mouth moves independent of the muscles in his face that surround his mouth, it’s a fake video.” But Eric Bachunas, who re-tweeted the video, assured his followers that the video is authentic.
Bitcoin and XRP investors reduce selling
Following Mitchnick’s statement that the flows reversed significantly for Bitcoin spot ETFs, there was a noticeable shift in investment behavior. He emphasised at the Token2049 Dubai conference that initial inflows had come heavily from high-net-worth individuals and retail investors.
However, the share held by institutional and wealth advisory clients has been increasing recently.
Shortly after, reports surfaced of large-scale “in-kind” conversions. According to Mitchnick, more than $3 billion worth of Bitcoin had been moved into BlackRock’s platform via in-kind ETF transactions, allowing holders to convert coins into ETF shares without triggering a sale event.
On the other hand, although XRP was not directly commented on by Mitchnick, linking a specific interview to sudden flows, there were signs of unanticipated investment activity in the wake of his remarks. It was mainly linked to institutional crypto adoption being “still early” and that ETFs for XRP were “unconfirmed.” His background working with Ripple has the XRP army high on wishful thinking.
XRP whales have now reduced selling, easing $650 million in outflows. Also, new XRP ETF entries were seen on the Depository Trust & Clearing Corporation (DTCC).
This initiated the 20-day SEC review clock and increased confidence in speculating in the cryptocurrency market. Franklin Templeton, Bitwise, Canary Capital, 21Shares, and CoinShares were all listed on the DTCC.
To that end, more investors are adopting a “buy the rumor, sell the news” approach, driven by fears that a significant drop could follow any price rise.
Meanwhile, Bitcoin is up 1.1% in the past 24 hours, trading at $105,095. This is a welcome bounce after last week, when the asset dipped below $100,000 multiple times and Bitcoin ETFs saw $1.22 billion in outflows. XRP is also up 9.6% in the last 24 hours, now trading at $2.53.
Mitchnick asks new investors to refrain from leveraging
According to Mitchnick, new investors should be careful and patient in the crypto markets. He asserts that long-term investors gain more and are more secure than short-term traders who focus on leverage bets.
This has been seen mostly in the so-called Uptober that underperformed this year. For instance, one anonymous large trader on Binance, whose BTC-USDT long position was forcibly closed during the rout, reported realized losses of approximately $ 450 million.
This was one of the biggest individual liquidations. Another trader is said to have lost over $30 million in about 10 minutes due to cross-margin exposure and rapid price changes.
Earlier, as reported by Cryptopolitan, high-leverage crypto trader Wynn took a very large long position of approximately $1.25 billion on Bitcoin with 40× leverage. That position was liquidated when Bitcoin briefly dipped, resulting in a loss of approximately 949 BTC, worth $100 million.
Additionally, Wynn placed another leveraged long of approximately $100 million and lost $25 million in a liquidation event. He admitted publicly that his trading had basically become gambling.
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