BlackRock said Bitcoin’s more than 50% decline from its all-time highs in October 2025 to its mid-2026 lows has not changed its long-term investment case. The asset manager attributed the sell-off to idiosyncratic deleveraging dynamics rather than a structural shift in the cryptocurrency’s trajectory. BTC showed a dual personality, acting as a haven asset after the US-Iran conflict while also showing high correlations with risk assets during deleveraging episodes such as February 2026. Macro-driven catalysts, including China tariff headlines, triggered widespread deleveraging that pushed BTC below $60,000 by June 2026. BlackRock maintained its recommendation of a 1%-2% BTC allocation in a traditional 60/40 portfolio as a strategic diversifier.
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