According to CoinMeta, in a research report from August 2026, Blackstone stated that Bitcoin had fallen by more than 50% since its historical high in October 2025, yet this did not change the long-term investment case for the asset management firm. Blackstone attributed this adjustment to excessive leverage, weakened institutional inflows, and a slowdown in purchases by digital asset funds. The report described this decline as a positioning and liquidity event, rather than evidence of structural changes in Bitcoin as a currency or its diversification attributes. Blackstone also warned that Bitcoin remains volatile and speculative, which could lead to total losses.