WuShuo has learned that BlackRock stated in its latest report, *Re-Underwriting Bitcoin*, that Bitcoin has experienced a pullback of over 50% since its historical peak in October 2025. This was primarily driven by high leverage unwinding, weak capital flows, and slowed treasury purchases of digital assets, rather than a change in its long-term investment logic. At that time, the open interest in crypto futures once exceeded $90 billion, with approximately 80% coming from perpetual contracts outside of CME. Subsequently, tariff shocks triggered multiple rounds of liquidations, causing Bitcoin to drop below $60,000 in June 2026. Meanwhile, spot Bitcoin ETPs attracted around $60 billion in funds between January 2024 and October 2025, followed by a net outflow of approximately $5 billion. In contrast, AI-themed funds saw net inflows exceeding $46 billion during the same period. Additionally, sales from digital asset treasuries like Strategy and large-scale holders further intensified market pressure. BlackRock still believes that a small allocation to Bitcoin can serve as a tool for long-term portfolio diversification and views it as a potential asset to hedge against the decline in fiat purchasing power. https://www.(wublock123.com)/news/news-66780