Bernstein: Continuous Inflow of Funds from Long-Term BTC Holders Supports Market Rebound

According to Cointelegraph, investment research firm Bernstein pointed out in a recent research report that the recent rebound of Bitcoin is driven by the continuous strengthening of the structure of long-term holders. Over the past week, BTC has risen by about 7%, ETH by about 9%, outperforming gold and major stock indices. Bernstein attributes this to the continuous inflow of funds into the US spot Bitcoin ETF and ongoing accumulation by companies like Strategy. In terms of fund inflows, the US spot Bitcoin ETF has seen net inflows for three consecutive weeks, totaling over $2.1 billion; net outflows since the beginning of the year have narrowed to about $460 million, with total assets under management of around $92 billion. In terms of holdings structure, according to Glassnode data, about 60% of the current Bitcoin supply has not been transferred on-chain for over a year. Bitcoin Treasuries data shows that ETFs and exchanges collectively hold about 1.6 million BTC, while listed companies hold about 1.15 million BTC. In terms of corporate accumulation, Strategy has accumulated 66,231 BTC since the beginning of the year, spending about $5.6 billion at an average price of about $85,000, with a total holding exceeding 738,000 BTC.

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