The research and brokerage firm said the crypto market now rests on a fundamentally stronger base as Bitcoin approaches $80,000.
Bitcoin News
Bitcoin's recent low near $60,000 marked a clear trough, according to analysts at Bernstein. The research and brokerage firm said the crypto market now rests on a fundamentally stronger base as Bitcoin approaches $80,000.
In a note to clients on Monday, analysts led by Gautam Chhugani said institutional inflows, expanding access channels, and blockchain's deeper integration into traditional finance point to a longer bull market than prior cycles. "The best days of crypto are ahead which will reflect in a higher and structurally longer crypto bull cycle," the note read.
Exchange-traded fund demand has reinforced Bitcoin's ownership base, with roughly 60% of supply unmoved for over a year. Strategy's accumulation of 818,334 Bitcoin was also highlighted, particularly through its STRC perpetual preferred product. Bernstein described STRC as a high-yield, low-volatility vehicle attracting income-focused investors. Bitcoin
New distribution channels are widening institutional participation. Bernstein pointed to Morgan Stanley's Bitcoin ETF and Charles Schwab's recently launched spot Bitcoin and Ethereum trading platform as the latest additions to the institutional on-ramp.
Stablecoin supply has hit an all-time high above $300 billion. Bernstein said adoption has decoupled from crypto price cycles, reflecting persistent real-world demand for dollar-backed payment and settlement infrastructure.
The tokenized real-world asset market has reached $345 billion, up 110% year-over-year, driven by private credit and Treasury products. Bernstein also noted rising on-chain activity in equities and commodities trading on platforms like Hyperliquid as a further sign of financial integration.
Retail selling pressure appears largely exhausted, the analysts said. The combination of steady institutional flows, stablecoin utility, and tokenization activity supports the case for asymmetric upside in the current cycle.
Quantum computing was acknowledged as a long-term risk to blockchain security. Bernstein said the ecosystem is expected to have sufficient time to transition to post-quantum cryptographic standards before the threat becomes material.
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