$45.8 Billion In Market Losses Wiped Out Every Dollar Of New MoneyBlackRock attracted $15.1 billion in fresh crypto capital over 12 months, but $45.8 billion in market depreciation overwhelmed every dollar of those inflows, shrinking the business from $79.6 billion to $48.8 billion.The second quarter made things worse. What Does BlackRock’s Broader Business Look Like?Crypto was the one weak spot in an otherwise record quarter.BlackRock posted $15.3 trillion in total assets under management after attracting $192 billion in net inflows, beating Wall Street expectations with adjusted earnings per share of $13.91 on $7.08 billion in revenue. Crypto currently generates $40 million in base fees and securities lending, less than 1% of total fee revenue. BlackRock is targeting $500 million in annual crypto revenue by 2030, a more than tenfold increase from today.What Is BlackRock’s Long-Term Crypto Bet?Chief Financial Officer Martin Small pointed to 5 billion crypto wallets as a new distribution channel for traditional investment products. “We want to build a digital wallet native asset manager,” Small said on the earnings call.Where Does BLK Stand Technically?BLK trades at $1,094.68, sitting 7.9% above its 20-day SMA at $1,012.78 and 3.1% above its 200-day SMA at $1,059.81. MACD sits above its signal line with a positive histogram, pointing to improving momentum after the earnings pop.Key levels for BLK