Bitcoin’s recent rebound is being driven by a strengthening base of long-term holders as U.S. spot ETF inflows and corporate treasury buying reshape ownership, Bernstein said in a Monday research note.
Bernstein said bitcoin outperformed gold and major equity indexes over the past week despite heightened conflict in the Middle East, with BTC up about 7% and Ether up roughly 9% over the period.
The note added:
“Maybe it takes a physical conflict to realise Bitcoin remains the most portable (cross-border), digital and liquid asset with no counterparty risks.”
Ownership shift toward long-term holders
Bernstein said roughly 60% of bitcoin supply has been inactive for more than a year.
As more BTC moves into ETFs, corporate treasuries, and wallets that rarely transact, the analysts said short-term sell pressure may matter less during periods of stress.
ETF inflows underpin demand
CoinGecko data showed BTC trading near $73,208 at the time of writing, up more than 8% over seven days.
SoSoValue data showed U.S. spot Bitcoin ETFs recorded three consecutive inflow weeks totaling more than $2.1 billion.
Bernstein said spot BTC ETFs have nearly reversed year-to-date outflows, with net withdrawals narrowing to about $460 million versus roughly $92 billion in assets under management.
Strategy accumulation highlighted
Bernstein pointed to continued buying by Strategy.
The firm added 66,231 BTC year-to-date for about $5.6 billion at an average price near $85,000, according to the note.
On March 9, Strategy said it acquired 17,994 BTC for $1.28 billion between March 2 and 8, bringing reserves above 738,000 BTC.
