Bitcoin has rebounded strongly, surpassing $73,200 amid rising institutional demand and sustained accumulation by long-term holders. Bernstein analysts attribute the momentum to three consecutive weeks of inflows into US spot Bitcoin ETFs, totaling approximately $2.1 billion.
Roughly 60% of Bitcoin’s supply has remained dormant for over a year, indicating a shift from speculative trading to long-term holding. This structural change is being reinforced by corporate treasuries and institutional investors, including pension and sovereign funds, increasingly allocating capital via ETFs.
Bernstein noted that spot Bitcoin ETFs have nearly erased their year-to-date outflows, with net withdrawals now at just $460 million against $92 billion in total assets under management. The firm suggests this evolution points to a more resilient market, less vulnerable to short-term volatility.