According to online reports, Robert Mitchnick, head of digital assets at BlackRock, said at the Token2049 event in Dubai that Bitcoin ETF funds are flowing in on a large scale and the investor structure is shifting from retail to institutional. Mitchnick pointed out that the initial launch of ETFs was mainly attended by retail clients, including high-net-worth individuals with positions of more than $100 million. However, the proportion of retail customers has gradually declined every quarter, while the proportion of institutional and wealth management customers has continued to increase. Regarding altcoin ETFs, he said that current market interest is still mainly concentrated on Bitcoin, because Bitcoin's properties as a portfolio hedging tool are different from other cryptocurrencies.