THE BLOCK: Bernstein says bitcoin's 54% drawdown from its $125K peak is far milder than previous cycles' 75-90% declines. The analysts note Strategy has bought around 175K bitcoin:native for $14B in 2026, continuing to buy as U.S. miners turn sellers. Bernstein also retains a $150K year-end target, now calling it "ambitious" after the drop.(The Block)