Bitcoin’s rebound is bolstered by a strong base of long-term holders, according to Bernstein. Despite Middle East conflicts, Bitcoin (BTC) rose 7% and Ether (ETH) 9% last week. ETF inflows and corporate treasuries like Strategy are key contributors. About 60% of the BTC supply has been inactive for over a year, indicating a shift from speculative to long-term holding. This trend suggests a more stable market, with less short-term selling pressure.
US spot Bitcoin ETFs have seen $2.1 billion in inflows over three weeks, reversing YTD outflows. Strategy added 66,231 BTC this year, totaling $5.6 billion, with an average purchase price of around $85,000. ETFs and exchanges now hold about 1.6 million BTC, worth over $117 billion, while public companies hold 1.15 million BTC, valued at about $84 billion.