According to CoinMeta, Wu said that in the latest report “Re - Underwriting Bitcoin”, BlackRock stated that Bitcoin experienced a pullback of over 50% since its historical high in October 2025, mainly driven by the reduction of high leverage, weak capital flows, and a slowdown in buying activities by digital asset funds, rather than a change in its long-term investment logic. The report noted that at that time, the scale of open crypto futures contracts exceeded $90 billion, of which about 80% came from perpetual contracts outside of CME. Subsequently, tariff shocks triggered multiple forced liquidations, and Bitcoin fell below $60,000 in June 2026. Meanwhile, spot Bitcoin ETP attracted approximately $60 billion in funds from January 2024 to October 2025, followed by a net outflow of about $5 billion, while AI thematic funds saw a net inflow of over $46 billion during the same period. BlackRock still believes that a small portion of Bitcoin allocation can serve as a diversification tool for long-term portfolios and regards it as a potential asset to hedge against the decline in the purchasing power of fiat currencies.