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BlackRock has renewed its view that Bitcoin can fit into some investment portfolios as a small diversifier. The firm also said long-term holders are slowing their selling, while spot ETF outflows have eased. BlackRock said Bitcoin’s role is changing as investors study its supply, demand, adoption path, and place beside traditional assets. The firm does not present Bitcoin as a core holding for every investor.
The asset manager said a 1% to 2% allocation may support return potential while keeping risk within a suitable range. Yet it also warned that larger positions can lift portfolio risk sharply.
BlackRock said Bitcoin could work as a complementary diversifier in some portfolios. It used a risk budgeting approach and compared a 1% to 2% Bitcoin position in a 60/40 portfolio with the risk of one large technology stock.
The firm also said Bitcoin still carries high volatility, unstable correlations, and adoption risk. For that reason, it said investors should treat the asset with caution. Could a small Bitcoin allocation still suit investors who already hold stocks and bonds? BlackRock’s view suggests that the answer depends on risk tolerance and a clear understanding of price swings.
BlackRock continues to expand Bitcoin-linked products. Its iShares Bitcoin Trust remains one of the largest spot Bitcoin ETFs, and the company has added more ways for investors to gain exposure. In June, BlackRock launched the iShares Bitcoin Premium Income ETF on Nasdaq. The fund holds Bitcoin exposure mainly through IBIT and sells call options to target an annual yield of 15% to 25%.
That fund does not follow the same return pattern as spot Bitcoin. Instead, it seeks income from option premiums while keeping partial upside exposure to Bitcoin’s price.
At the same time, long-term Bitcoin holders appear to be reducing sales. CryptoQuant said the 90-day moving average of coins spent by holders with at least five years of history fell to 962 BTC. CryptoQuant said that the level marks the lowest reading since late 2024. The analyst said these investors are choosing to hold rather than sell, which reduces selling pressure.
The spending pattern has shifted after strong selling waves during the bull cycle that began in early 2023. CryptoQuant said those waves created peaks in May 2024, February 2025, and September 2025.
Read More: BlackRock and Strategy Tighten Bitcoin Supply as Risk Emerges
The data also showed that single-day sell-offs sometimes topped 142,000 BTC during the strongest phase of the cycle. Now, Bitcoin is trading around $63,000, near what analysts described as a break-even area for some long-held coins.
Spot Bitcoin ETF outflows have also slowed over the past two weeks. Earlier this year, a 13-day outflow streak from May 15 to June 3 drained about $4.37 billion from the sector. BlackRock said Bitcoin’s fixed supply and adoption-driven value path set it apart from stocks and bonds. At the same time, the firm said future adoption remains uncertain.
BlackRock now sees Bitcoin as a small diversifier that may fit some portfolios, while long-term holders are selling less and ETF outflows are cooling. Even so, the firm still warns that Bitcoin remains volatile and should stay a limited part of any strategy.
