Bernstein: Bitcoin’s rebound reflects a strengthening base of long-term holders

An analysis says Bitcoin’s (BTC) recent rebound is linked to a shift in market structure driven by a stronger base of long-term holders.

According to cryptocurrency news outlet Cointelegraph on the 16th, global investment bank Bernstein said in a recent report that “Bitcoin’s recent rebound reflects a market structure in which the long-term holder base has become stronger.”

Bernstein noted that even amid heightened geopolitical tensions in the Middle East, Bitcoin posted strong performance versus major assets. Over the past week, Bitcoin rose about 7% and Ethereum (ETH) climbed about 9%.

The report pointed to inflows into U.S. spot Bitcoin ETFs and corporate Bitcoin accumulation as key drivers. Bernstein said, “ETF inflows and corporate treasury purchases of Bitcoin are gradually strengthening the long-term holder base, a factor that is making market structure more stable.”

On-chain data also confirm the rising share of long-term holders. Bernstein’s analysis shows that about 60% of Bitcoin supply has not moved for more than a year. This indicates that the influence of long-term investors is steadily increasing relative to short-term speculative capital.

The analysis suggests that as Bitcoin shifts into ETFs and corporate treasury assets, the impact of short-term selling pressure could also diminish over time.

ETF flows are in fact showing stability. According to data platform SoSoValue, U.S. spot Bitcoin ETFs have recorded net inflows for three consecutive weeks, with total inflows reaching about $2.1 billion.

Bernstein said this trend is tied to a growing long-term asset allocation by institutional investors such as asset managers, pension funds, and sovereign wealth funds.

Net outflows from spot Bitcoin ETFs since the start of the year have also dropped sharply. Bernstein assessed current net outflows at about $460 million—limited relative to total assets under management (AUM) of roughly $92 billion.

Corporate Bitcoin buying is also continuing. Bernstein said Strategy, a company pursuing a Bitcoin-holding strategy, has purchased an additional 66,231 BTC so far this year. The purchases totaled about $5.6 billion, with an average cost of around $85,000 per Bitcoin.

Strategy also bought another 17,994 BTC between the 2nd and the 8th, spending about $1.28 billion and lifting total holdings to more than 738,000 BTC.

Meanwhile, Bitcoin Treasuries data show that Bitcoin held by ETFs and exchanges totals about 1.6 million BTC, valued at roughly $117 billion. Publicly listed companies hold about 1.15 million BTC, estimated at around $84 billion.