BlackRock's recent statement warrants close attention — elevating Bitcoin from an "alternative asset" to one of the "three pillars" alongside U.S. Treasuries and tech giants is not just a marketing tactic but a substantive shift in institutional narrative.

The key signal lies in their logical reasoning: no longer emphasizing Bitcoin's speculative nature but approaching it from a "macro mirror" perspective — the widening U.S. federal deficit, escalating global fiscal imbalances, and institutions seeking "non-correlated" assets outside the traditional banking system. This explanation provides theoretical support for conservative large-scale allocators.

What is even more noteworthy is their subsequent actions — the planning of a "yield-bearing" Bitcoin ETF product in 2026, especially the design of covered call strategies. This indicates that market discussions are shifting from "why hold" to "how to optimize holdings," which typically signals deeper institutional involvement and scaling.

From an on-chain perspective, this attitude shift among leading institutions often accelerates inflows into spot ETFs, further increasing on-chain exchange supply pressure. Continuous monitoring of large transfers and net outflows from exchanges is essential to gauge the actual pace of institutional allocation.