BlackRock: Bitcoin ‘largely purged’ froth before 50% drop

BlackRock's framing matters less for its price call than for its institutional posture: the world's largest asset manager is signalling that the drawdown, however severe, has not dislodged its thesis that Bitcoin belongs in a diversified portfolio. That is a notable stance to hold publicly after such a decline, and it implicitly pushes back on the view that this cycle's froth was structural rather than speculative. The open question is whether other large allocators echo the 'purged' characterisation or treat the same drawdown as evidence of unresolved fragility.