Bernstein Says Bitcoin Resilience Reflects Ownership Shift
Bernstein suggests Bitcoin's rebound stems from a stronger long-term holder base driven by ETF inflows and corporate buying.Summary
Bernstein research indicates that Bitcoin's recent rebound, outperforming gold and equities despite Middle East conflict, is due to a strengthening base of long-term holders. This shift is fueled by consistent US spot Bitcoin ETF inflows and steady accumulation by corporate buyers like Strategy. Analysts note that approximately 60% of Bitcoin supply has been inactive for over a year, suggesting market dominance by long-term holders rather than short-term speculation. As more BTC moves into ETFs and corporate treasuries, short-term sell pressure may decrease, leading to a more stable market structure. US spot Bitcoin ETFs have nearly reversed their year-to-date outflows, while Strategy has accumulated over 66,000 BTC this year.
(Source：Cointelegraph)