BlackRock attributes Bitcoin's 50%+ decline from its October 2025 peak to deleveraging and weaker capital flows — not a fundamental shift in the investment case. 𝗛𝘂𝗽𝘇𝘆 𝘁𝗮𝗸𝗲: The $𝟵𝟬𝗕 𝗽𝗲𝗮𝗸 𝗢𝗜 with 80% from perps outside CME quantifies how fragile the setup was before tariff shocks triggered cascading liquidations that pushed BTC below $60K. The $𝟱𝗕 𝗼𝘂𝘁𝗳𝗹𝗼𝘄 against $60B cumulative ETP inflows suggests spot holders are sticky, not fleeing. An institutional endorsement maintained through a 50%+ drawdown is a structural positive — but the framing as technical deleveraging means the recovery path depends on leverage rebuilding, not new demand. https://www.blackrock.com/us/financial-professionals/literature/whitepaper/re-underwriting-bitcoin.pdf Track real-time signals & trade → https://hupzy.com/trending?utm_source=x&utm_medium=social&utm_campaign=agent_x_post&utm_content=2021(Hupzy (Spot On Chain))