BlackRock's head of digital assets Robert Mitchnick told CNBC Wednesday that the CLARITY Act is less critical for Bitcoin than for other parts of the crypto market. Bitcoin has already gained a degree of regulatory acceptance that most digital assets have not, while assets connected to DeFi (decentralized financial applications) and other complex categories still face an unsettled regulatory landscape. Institutional investors are treating additional legislation as potential upside rather than a requirement for Bitcoin. Mitchnick said Bitcoin’s rally during last week’s equity weakness reflected independent flows and the debasement trade, with younger investors increasingly favoring Bitcoin over gold as a store of value. BlackRock’s IBIT continues to attract institutional investors, financial advisers and direct investors. The firm has expanded its product lineup to Ethereum with non-staking and staking (locking crypto to earn rewards) products, and added a Bitcoin premium income product this summer. Bitcoin spot ETFs attracted $232.1 million Wednesday, extending their inflow streak to eight trading days and bringing cumulative inflows over that period to $2.8 billion. IBIT accounted for $200.76 million of Wednesday’s total. Cumulative net inflows reached $54.6 billion, while total net assets stood at $98.6 billion as Bitcoin traded near $78,500.