According to the source, BlackRock maintains a risk-on tilt aligned with its 2024 outlook that remains overweight U.S. equities and highlights artificial intelligence as a multi-year “mega force” driving earnings and returns; source: BlackRock Investment Institute, 2024 Midyear Outlook. BlackRock has advanced on-chain market infrastructure via the BlackRock USD Institutional Digital Liquidity Fund (BUIDL) on Ethereum, signaling continued adoption of tokenization by traditional finance that can enhance always-on settlement capacity; source: BlackRock press release, March 2024. Stablecoins serve as core settlement assets for crypto trading and DeFi and are the dominant quote currency across much of the crypto market, so their growth typically increases on-chain liquidity and depth; source: Bank for International Settlements, Quarterly Review 2023, “Stablecoins in the crypto universe.” Crypto assets such as BTC and ETH have shown stronger comovement with U.S. equities since 2020, so an AI-led equity bid often coincides with higher crypto beta and improved liquidity conditions; source: International Monetary Fund, Global Financial Stability Note 2022, “Crypto Prices Move More in Sync with Stocks.”