Market Overview - Bitcoin (BTC) surged back above $90,000, trading at $91,180, up 8% over the past 24 hours, recovering from a drop below $84,000 [1] - Ethereum's ether (ETH) bounced above $3,000, gaining 9%, while large-cap altcoins like XRP, Solana's SOL, and dogecoin (DOGE) increased by 7%–10% [2] Institutional Developments - Vanguard, a $11 trillion asset management giant, has lifted its ban on crypto, allowing clients access to digital asset ETFs [3] - Bank of America has permitted its wealth managers to recommend a 1%-4% allocation to spot bitcoin ETFs [3] Market Risks - Analyst Mark Connors warns that a rise in Japan's 10-year yield could negatively impact bitcoin, as it may divert capital from global markets, particularly affecting crypto due to its ties to Asian capital flows [4] - Connors also noted that bitcoin appears to be leading the S&P 500 lower, with potential for intervention from the Federal Reserve and Bank of Japan if markets weaken further [5] Market Sentiment - Despite some risks, bitcoin derivatives indicate a bullish sentiment, with traders selling downside puts around the $80,000–$85,000 level while selectively buying upside further out [6] - The market seems to treat the $80,000–$85,000 range as a support level, suggesting traders are positioned for a recovery into year-end [7]

Core Insights - BlackRock (BLK) has become the first asset manager to exceed $13 trillion in assets under management (AUM), reaching $13.46 trillion in Q3 2025, which significantly contributed to its adjusted earnings of $11.55 per share, surpassing the Zacks Consensus Estimate of $11.25 and showing a slight increase from the previous year [1][2] Financial Performance - BlackRock's total revenues on a GAAP basis were $6.51 billion, reflecting a 25.2% year-over-year increase and exceeding the Zacks Consensus Estimate of $6.20 billion [2] - The company experienced long-term net inflows of $171 billion during the quarter, contributing to a total net inflow of $204.6 billion [4][7] AUM Growth Drivers - The record AUM balance, which increased by 17.3% year-over-year, was primarily driven by a strong U.S. stock market and robust net client inflows, alongside higher technology services and subscription revenues [3][7] - The acquisition of HPS Investment Partners added $165 billion in client AUM and $118 billion in fee-paying AUM, further boosting total AUM growth [3] Revenue Breakdown - Investment advisory and administration fees, the largest revenue component, rose by 25.2% year-over-year to $5.05 billion, while technology services and subscription revenues increased by 27.8% to $515 million [8] - Performance fees also saw a significant rise, increasing by 33% year-over-year to $516 million [8] Expense and Income Analysis - Total expenses increased by 42.7% year-over-year to $4.55 billion, attributed to rising costs across all components [7][9] - Adjusted operating income climbed 23.2% from the prior-year quarter to $2.62 billion, despite a substantial drop in non-operating income [9]