BlockBeats report, April 28: According to a recent report by Bernstein, as Bitcoin approaches the $80,000 mark, the crypto market is entering a new phase of structural growth. This cycle may be longer than previous ones and features an "asymmetric upside potential."
The report noted that the previous drop to $60,000 formed a阶段性底部, and the market is now being driven by the convergence of institutional capital and traditional financial systems. Analyst Gautam Chhugani said: "The best times for the crypto industry are still ahead, and this will be reflected in higher and more sustained bull cycles."
In terms of supply structure, approximately 60% of Bitcoin has not been transferred for over a year, indicating an increasing proportion of long-term holders; meanwhile, ETFs and corporate balance sheet allocations continue to absorb supply. Strategy currently holds about 818,000 BTC, and its income-generating products are also attracting more traditional capital.
On the institutional side, Morgan Stanley and Charles Schwab are expanding access to Bitcoin ETFs and spot trading, further lowering investment barriers.
On a fundamental level, stablecoin supply has surpassed $300 billion, with increased real-world payment and settlement demand; the tokenization of real-world assets (RWA) has reached $345 billion, a 110% year-over-year growth. Additionally, platforms like Hyperliquid are driving increased on-chain trading activity in stocks and commodities.
The report also notes that quantum computing poses a long-term potential risk to cryptographic security, but it is manageable in the short term, giving the industry ample time to transition to quantum-resistant standards.