Bernstein: Cryptocurrency Market Shows Structural Strength; Bitcoin Poised to Enter a Longer-Term Bull Market

According to The Block, Bernstein analysts stated in their latest report that the fundamentals of the crypto market are continuously improving. Bitcoin’s recent low of $60,000 has formed a clear bottom, and with the current price approaching $80,000, a longer-term structural bull market is likely, driven by institutional demand. Bernstein analyst Gautam Chhugani highlighted the following key drivers: • Ongoing expansion of institutional channels: Morgan Stanley’s Bitcoin ETF and Charles Schwab’s spot Bitcoin/Ethereum trading platform have both recently launched; approximately 60% of Bitcoin supply has remained unmoved for over one year, indicating a stabilizing holder structure; • Persistent accumulation by Strategy: Its STRC perpetual preferred stock product has attracted yield-oriented investors, and its current holdings stand at 818,334 BTC; • Stablecoin demand hits an all-time high: Stablecoin supply has surpassed $30 billion, decoupling from the crypto market’s price cycle and reflecting sustained real-world payment and settlement demand; • Tokenized real-world assets accelerating growth: Tokenized private credit and Treasury assets now total $34.5 billion, representing a 110% year-on-year increase. Bernstein also cautioned that quantum computing poses a long-term potential risk, though it expects the blockchain ecosystem to have ample time to complete the transition to post-quantum security.