BlackRock’s Mitchnick says bitcoin’s risk-off narrative is ‘the one to bet on’ long term as rally consolidates near $80,

BlackRock’s Mitchnick says the "risk-off" narrative for bitcoin is the one to bet on long term as the asset consolidates after a rally near $80k. He frames bitcoin as a defensive store of value that institutional investors will favor during risk-off cycles, which could sustain inflows and support price stability. Implication for Bitcoin: increased institutional adoption under this thesis would likely bolster the case for a higher price floor and reduce its correlation to cyclical risk assets over time.