Foreign media reports that Bernstein believes that despite net outflows from Bitcoin spot ETFs in 2026, corporate treasuries continue to buy, thus preserving Bitcoin's long-term "store of value" logic. The institution estimates that ETFs and corporate treasuries have brought approximately $12 billion to Bitcoin this year, with the majority coming from businesses.
Buying activity shifts to corporate in 2026
In a report to clients, Bernstein stated that incremental funding for Bitcoin in 2025 was largely driven by ETFs and corporate treasuries, but this structure changed in 2026. ETF investors saw a net outflow of approximately $2.6 billion during the year, but corporate treasury buying filled this gap.
The agency specifically mentioned Strategy. The report stated that the company raised approximately $7.5 billion through STRC preferred stock products in 2026 and subsequently acquired approximately 100,000 BTC, making it one of the leading corporate buyers this year.
- ETFs and corporate treasuries saw combined inflows of approximately $12 billion this year.
- ETFs saw net outflows of approximately $2.6 billion this year.
- Strategy has increased its holdings by approximately 100,000 BTC this year.
Long-term holders are still on the sidelines.
Bernstein, citing Glassnode data, stated that approximately 61% of the current circulating supply of Bitcoin has remained unchanged for over a year. This means that a large number of long-term holders have remained inactive during recent volatility, and market selling pressure has not spread comprehensively.
The report also states that institutional participation is expanding, now encompassing wealth management platforms, brokerages, private banks, pension funds, and sovereign wealth funds. Bernstein believes this shift in portfolio structure is reducing the market's reliance on short-term retail funds.
Prices rebounded but signals diverged.
According to this institution, retail trading enthusiasm has flowed more towards AI-related assets in this cycle, while Bitcoin's performance has been relatively lackluster. However, this does not mean that the long-term logic has been broken. On the contrary, the fact that buying is more concentrated among institutional investors may make the market structure more stable.
In terms of price, Bitcoin briefly rebounded above $63,000 on Monday. The previous week, BTC had fallen below $60,000, hitting a low of approximately $59,100, influenced by continued outflows from ETFs, small-scale Bitcoin sales by Strategy, and escalating tensions between the US, Israel, and Iran.
Bernstein also noted that some funds are flowing into digital asset infrastructure related to the tokenization of real-world assets. The report specifically named Hyperliquid, stating that trading activity in tokenized stocks and commodities has increased.
Additional information:The report also mentioned that when Bitcoin rebounded to around $63,000, the price was close to the 200-week simple moving average of about $62,800; however, the 14-day RSI had entered the oversold zone, and the MACD still showed that the bearish momentum had not completely subsided.
