As reported by MarsBit, Bitcoin recently fell 25% from its October 6 high of $126,000 to around $93,000, while Ethereum approached $3,000. However, Bernstein analysts argue this decline does not resemble a typical cycle peak. They attribute the sell-off to fear around the Bitcoin halving cycle, but note that fundamentals have changed. Long-term holders have sold about 340,000 BTC, but most were absorbed by spot ETFs and corporate treasuries. Institutional ownership in Bitcoin spot ETFs has risen to 28%, with $125 billion in AUM. Bernstein also clarified that MicroStrategy (Strategy) will not sell any Bitcoin and may continue buying during the correction. Structural bullish factors, including political support and regulatory progress, remain intact.
Bernstein: Current Bitcoin Correction Is Shallow, Not a Cycle Peak
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