mitchnick

#BlackRock 's Bitcoin Leverage Warning

Primary Statement
Date: February 13, 2026 (Thursday) - $BTC Investor Week conference in New York
Speaker: Robert Mitchnick, BlackRock's head of digital assets .
Published: February 15, 2026 (BlackRock)

Core Warning
#Mitchnick warned that heavy use of leverage in #bitcoin derivatives is undermining the cryptocurrency's appeal as a stable institutional portfolio hedge$. He stated that bitcoin's trading increasingly resembles a "levered NASDAQ," raising the bar for conservative investors to adopt it.
Specific Volatility Example

Mitchnick cited October 10th when a minor tariff-related event caused Bitcoin to drop 20% due to cascading liquidations and auto-deleveraging.

#ETF vs Derivatives Distinction
During the tumultuous week, only 0.2% of IBIT (iShares Bitcoin ETF) was redeemed (BlackRock)
Mitchnick pointed to perpetual futures platforms as the main volatility source, where many billions were liquidated on leveraged platforms.

Recent Market Context (February 2026)
On February 5, 2026, Bitcoin fell to nearly $60,000, marking a 50% drop since October 2025
#IBIT recorded trading volume of $10 billion, its highest since launch.