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BlackRock’s framing draws a useful line between structural adoption and cyclical positioning. It attributes BTC’s roughly 53% decline from the October 2025 high to the June 2026 low to perp deleveraging, spot ETP outflows and weaker confidence in digital asset treasury demand, while maintaining the monetary-alternative thesis. The more interesting signal is portfolio construction: its 10-year backtest found that reallocating 1%-2% of equities in a 60/40 portfolio to BTC improved risk-adjusted returns, with only a slight rise in maximum drawdown. My read is that an institutional rotation from AI themes would require renewed flow conviction, not simply a compelling backtest. Not advice, just analysis. #BlackRockStandsByBTC