During the Bitcoin Investor Week conference, BlackRock’s Head of Digital Assets, Robert Mitchnick, warned that heavy leverage in derivatives markets is causing Bitcoin to trade like a "levered NASDAQ," undermining its role as a portfolio hedge. Mitchnick dismissed claims that ETFs drive volatility, revealing that the iShares Bitcoin Trust (IBIT) saw only 0.2% in redemptions during recent turbulence, contrasting this with the cascading liquidations seen on perpetual futures platforms. Despite the volatility, he affirmed BlackRock's commitment to acting as a bridge for digital assets.