Bernstein likens Strategy to a ‘bitcoin central bank of last resort’ as institutional demand strengthens BTC capital base

Bernstein analysts, led by Gautam Chhugani, argue that Bitcoin is developing a more resilient ownership structure due to strong institutional capital flows through spot ETFs and corporate treasuries, which has reduced reliance on retail speculation. A key factor in this shift is Strategy, which Bernstein describes as functioning like a “Bitcoin central bank of last resort” due to its aggressive accumulation strategy, holding over 761,000 BTC. Strategy has also attracted income-focused investors through products like STRC, funding further purchases. Furthermore, spot Bitcoin ETFs now control about 6.1% of the total supply, and long-term holders account for roughly 60% of circulating supply. These structural changes are solidifying Bitcoin's capital base, leading Bernstein to maintain a long-term price target of $150,000 for 2026.

(Source：The Block)