Bernstein: The sharp slowdown in Bitcoin fund inflows stems from retail investors shifting to AI—not quantum computing risks

According to CoinDesk, Wall Street brokerage Bernstein released a research report stating that the primary driver behind Bitcoin’s price weakness in 2026 will be slowing capital flows—not the quantum computing threat feared by the market. The report notes that Bitcoin treasury companies and ETFs combined attracted approximately $12 billion in inflows this year, a sharp decline from $60 billion in 2025; meanwhile, Bitcoin ETFs—holding $75 billion in assets—recorded roughly $2.6 billion in net outflows, with new demand coming mainly from corporate buyers such as MicroStrategy (MSTR). Bernstein analysts attribute the slowdown in capital flows to retail investors’ massive shift into AI-related assets. This year, the strongest-performing segments of the crypto market have been tokenized equities and commodities. Nevertheless, analysts view the ETF outflows as relatively moderate. Bitcoin’s investor base has evolved from one dominated by retail participants to a more diversified group—including ETFs, corporate treasuries, wealth management platforms, pension funds, and sovereign investors—resulting in a healthier market structure. The long-term value-storage thesis for Bitcoin remains intact.