Robert Mitchnick, BlackRock’s global head of digital assets, believes the recent volatility in Bitcoin (BTC) is largely due to overleverage on derivatives platforms.
The administrator specifically mentions perpetual futures and not an ETF for this digital currency. These are cryptocurrency derivative contracts with no expiry date or physical settlement.
Mitchnick made these remarks during a conversation with Anthony Pompliano, investor Dan Tapiello, and others at the Bitcoin Investors Week Conference in New York on February 13, 2026.
Speaking on behalf of BlackRock, Mr. Mitchnick said: Bitcoin trading behavior is increasingly resembling the so-called “leveraged Nasdaq”. This fact creates instability and can deter conservative institutional investors who are looking for stability and security in their investment portfolios.
For Mitchnick, Bitcoin’s fundamentals as a rare and decentralized asset remain strong, but aggressive speculation in leveraged derivatives is creating a chain of liquidations and “self-deleveraging” events. amplify price fluctuations.
It’s not ETFs that create volatility.
BlackRock executives specifically disputed the idea that spot ETFs were contributing to volatility, claiming that during periods of extreme turmoil, such as the week before the BTC selloff, only about 0.2% of IBIT (iShares Bitcoin Trust) assets were redeemed.
So consider the billions of dollars that would have been drained if hedge funds had aggressively liquidated their positions through ETFs. What didn’t happen? insteadlarge-scale liquidations were concentrated on perpetual futures platforms.
BlackRock manages IBIT, one of the largest Bitcoin spot ETFs, with record trading volumes in past periods (for example, $10.7 billion in a single day in February 2026, according to a report).
Mitchnick emphasized that the investor base for these ETFs is: tend to last a long timeIn contrast to typical short-term speculation in derivatives, it follows the buy-and-hold principle.
Solid fundamentals vs. aggressive speculation
In a sectoral context, Bitcoin volatility increased in 2026 due to factors such as derivatives liquidations, and notable events such as the so-called “Black Thursday” crash on February 5th (Bitcoin fell by around 14-15%).
As reported by CriptoNoticias, the market is undergoing a serious reconfiguration, with Bitcoin ETF investors and spot market buyers exhibiting very different behavior in the face of volatility.
The observed divergence suggests that institutions and investors trading through traditional brokerage accounts are acting as a “strong hand” that absorbs volatility without succumbing to panic.
At the same time, BTC buyers in the spot market typically include speculators with higher leverage and are more likely to liquidate their positions in the face of uncertainty. This historic action shorter periodselling pressure increases during corrections to protect profits or avoid forced liquidation.
In that sense, the low redemption rate of Bitcoin ETFs confirms the changing profile of the average investor.
Mitchnick’s paper Suggests volatility is not an inherent flaw in digital currenciesbut is the result of excessive secondary speculation in derivatives. The market’s ability to decouple Bitcoin’s fundamental value from forced liquidations on futures platforms will be a key indicator for the remainder of this year of institutional maturity and increased stability as the ecosystem evolves.
