BlackRock’s head of digital assets, Robbie Mitchnick, signaled a clear shift in how large investors view the crypto market, pointing to artificial intelligence as a more meaningful driver than the expansion of new tokens.

Altcoin interest fading fast

Speaking at the Digital Asset Summit in New York on March 24, Mitchnick described a market that has moved sharply away from broad exposure to smaller assets.

Token turnover among the top names has been “pretty ferocious,” he said, with only bitcoin and ether maintaining consistent positions over time.

He was blunt about the rest of the market:

“The majority of that is nonsense.”

As a result, institutional clients now concentrate on a narrow set…