ChainThink reports that on March 16, analysts at the research and brokerage firm Bernstein stated in a report that Bitcoin is developing a more resilient ownership structure as institutional funds flow in through ETFs and corporate treasury strategies reshape the market.
The analyst team led by Gautam Chhugani noted in a client report on Monday that Bitcoin has demonstrated resilience during the recent Middle East conflict, outperforming traditional assets such as gold and global stock indices.
Analysts believe that the maturation of spot Bitcoin ETFs and demand from corporate treasury buyers have transformed Bitcoin’s investor base, reducing reliance on speculative retail capital and strengthening its long-term outlook.
The key force driving this shift is Strategy. Bernstein describes the company as acting as the "lender of last resort for Bitcoin" through its aggressive accumulation model.
Analysts say Strategy continued buying during recent market volatility, increasing its holdings by 66,231 BTC this year so far at an average cost of approximately $85,000. According to its Form 8-K filed on Monday, Strategy now holds more than 761,000 BTC, valued at approximately $56 billion.
The strategy has also expanded its financing structure related to its Bitcoin strategy, including preferred securities designed to attract income-focused investors. According to the report, the company’s STRC product pays an 11.5% dividend, and weekly trading volume has risen to over $2 billion. Funds raised through these instruments have been used to finance additional Bitcoin purchases.
Meanwhile, institutional demand flowing into spot Bitcoin ETFs is also accelerating. Analysts estimate that over the past three weeks, ETFs attracted approximately $2.1 billion in inflows, reducing year-to-date net outflows to about $460 million, while the total assets under management of ETFs stand at around $92 billion. According to Bernstein’s analysis, these funds currently control approximately 6.1% of the total Bitcoin supply.
The report also highlights the continued presence of long-term holders as another stabilizing force in the market. Bitcoin that has not been moved for over a year currently accounts for approximately 60% of the circulating supply, indicating that a significant portion of investors view Bitcoin primarily as a store of value.
Analysts say that, taken together, these structural changes are strengthening Bitcoin’s capital base even after periods of volatility. Currently, institutional instruments—including ETFs, corporate treasuries, and governments—hold approximately 14% of the total supply.