BlackRock Report: Bitcoin withdraws more than 50% and still values long-term configuration

Wu stated that BlackRock, in its latest report, Re-Underwring Bitcoin, had stated that Bitcoin had withdrawn more than 50 per cent since its high point in October 2025, driven mainly by high-leveraging debilitation, weak financial flows and a slowdown in the purchase of a digital asset bank, rather than a change in its long-term investment logic. The report states that the encrypted futures contract was once over $90 billion in size, of which about 80 per cent came from a permanent contract outside CME, and that the subsequent tariff shock triggered multiple rounds of flat, with bitcoin falling by $60,000 in June 2026. At the same time, the spot bitcoin ETP attracted an aggregate of about $60 billion between January 2024 and October 2025, with net outflows of about $5 billion since then, while the AI thematic fund net inflows exceeded $46 billion over the same period. BlackRock continues to believe that a small proportion of bitcoin configurations can be used as a long-term portfolio-dispersion tool and as a potential asset for a decline in the purchasing power of the hedge currency。