Bitcoin fell more than 50% from October 2025’s record before reaching June lows below $60,000.Futures open interest exceeded $90 billion, with offshore perpetual contracts representing approximately 80% at peak.Spot Bitcoin ETPs lost roughly $5 billion after attracting $60 billion through October 2025 previously.Strategy sold 1,690 BTC in August, using $108.6 million to repurchase preferred shares during weakness.BlackRock’s historical analysis found 1% to 2% allocations improved hypothetical portfolio risk adjusted returns historically.