Robert Mitchnick, head of digital assets at BlackRock, has expressed concerns over the impact of leverage on Bitcoin's market stability. Speaking at the Bitcoin Investor Week conference in New York, Mitchnick highlighted that excessive speculation on leveraged derivatives platforms is causing volatility that undermines Bitcoin's appeal as a stable portfolio hedge. He noted that minor events can trigger significant price drops due to cascading liquidations and auto-deleveraging. Mitchnick emphasized that while Bitcoin's fundamentals as a "global, scarce, decentralized monetary asset" remain strong, its short-term trading behavior is increasingly resembling a "levered NASDAQ," which could deter conservative investors. He clarified that exchange-traded funds like BlackRock's iShares Bitcoin ETF are not the primary sources of volatility, pointing instead to perpetual futures platforms. Despite these challenges, BlackRock remains committed to integrating digital assets into traditional finance.