Bernstein said Bitcoin’s recent rebound highlights a strengthening base of long-term holders, as ETF inflows and corporate treasury purchases continue to reshape the asset’s ownership structure, according to a Monday research note shared with Cointelegraph.
The firm noted that Bitcoin outperformed Gold and major equity indexes over the past week despite rising tensions in the Middle East. During the same period, Bitcoin gained roughly 7%, while Ether rose about 9%.
Bernstein analysts said the shift is partly driven by ongoing inflows into US spot Bitcoin exchange-traded funds and continued accumulation from corporate buyers such as Strategy. These trends are gradually strengthening Bitcoin’s long-term holder base and contributing to a more resilient market structure.
“Maybe it takes a physical conflict to realise Bitcoin remains the most portable (cross-border), digital and liquid asset with no counterparty risks,” the analysts wrote.
Bernstein also emphasized that Bitcoin’s ownership profile is changing. With roughly 60% of the circulating supply inactive for more than a year, the market is increasingly dominated by long-term holders rather than short-term traders.
As more Bitcoin moves into ETFs, corporate treasuries and wallets that rarely transact, the impact of short-term selling pressure could diminish, potentially giving the market a more stable foundation during periods of macroeconomic stress.
ETFs and corporate treasuries boost Bitcoin resilience
Data from CoinGecko shows that Bitcoin traded at around $73,208 at the time of writing, rising more than 8% over the past seven days despite heightened geopolitical tensions in the Middle East.
According to SoSoValue, US spot Bitcoin exchange-traded funds recorded three consecutive weeks of inflows, totaling more than $2.1 billion. Bernstein attributed these inflows to growing long-term allocations from wealth managers and institutional investors, including pension funds and sovereign wealth funds.
The firm also noted that spot Bitcoin ETFs have almost erased their year-to-date outflows, with net withdrawals narrowing to roughly $460 million compared with about $92 billion in total assets under management (AUM).
Bernstein further highlighted continued accumulation by Strategy. The company has added 66,231 BTC so far this year, spending around $5.6 billion at an average purchase price of approximately $85,000.
On March 9, Strategy disclosed that it had purchased 17,994 Bitcoin for $1.28 billion between March 2 and March 8, bringing its total holdings to more than 738,000 BTC, valued at roughly $54 billion.
Data from Bitcoin Treasuries shows that ETFs and exchanges collectively hold about 1.6 million BTC, worth over $117 billion, while public companies control around 1.15 million BTC, valued at about $84 billion.
