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BlackRock’s head of crypto, Robbie Mitchnick, says the gravitational heart of Bitcoin’s market construction has shifted decisively from miner issuance to exchange-traded fund demand—and that’s why traditional four-year “halving cycles” ought to command far much less consideration than they used to. In a Bankless interview launched November 10, Mitchnick argued that the ETF period is now the dominant move regime for BTC, whilst leverage and short-term derivatives noise proceed to whipsaw costs.
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