Foreign media: Bernstein believes that despite net outflows from spot Bitcoin ETFs in 2026, corporate treasuries continue to buy, which has not weakened Bitcoin’s long-term “store of value” thesis. The firm estimates that, since the beginning of this year, ETFs and corporate treasuries combined have brought approximately $12 billion in funding to Bitcoin, with the majority coming from the corporate sector.
In 2026, buying pressure shifts to enterprises
Bernstein stated in a report to clients that in 2025, incremental funding for Bitcoin was driven jointly by ETFs and corporate treasuries, but the structure has changed in 2026. Throughout the year, ETF investors experienced a cumulative net outflow of approximately $2.6 billion, which was offset by purchases from corporate treasuries.
The institution specifically highlighted Strategy. The report states that the company raised approximately $7.5 billion in 2026 through its STRC preferred stock offering and, as a result, acquired around 100,000 BTC, becoming one of the year's largest corporate buyers.
- ETFs and corporate treasuries combined for approximately $12 billion in inflows this year.
- Among them, ETFs experienced net outflows of approximately $2.6 billion this year.
- Strategy: Increased holdings by approximately 100,000 BTC this year
Long-term holders are still watching.
Bernstein, citing Glassnode data, noted that approximately 61% of Bitcoin’s circulating supply has not moved in over a year. This indicates that a significant number of long-term holders have remained inactive despite recent market volatility, preventing widespread selling pressure.
The report also states that institutional participation is expanding to include wealth management platforms, broker-dealers, private banks, pension funds, and sovereign wealth funds. Bernstein believes this shift in holding structure is reducing the market's reliance on short-term retail capital.
Price rebounds but signals diverge
In the institution’s view, retail trading enthusiasm in this cycle has shifted more toward AI-related assets, while Bitcoin’s performance has been relatively muted—but this does not mean its long-term thesis has been undermined. On the contrary, a greater share of buying pressure coming from institutional investors may lead to a more stable market structure.
On the price front, Bitcoin briefly rebounded above $63,000 on Monday. Earlier in the week, BTC had fallen below $60,000, reaching a low of approximately $59,100, due to continued ETF outflows, minor sales by Strategy, and escalating tensions between the U.S., Israel, and Iran.
Bernstein also noted that some funds are flowing into digital asset infrastructure related to the tokenization of real-world assets. The report specifically highlighted Hyperliquid, citing increased trading activity in tokenized stocks and commodities.
Additional information: The report also noted that when Bitcoin rebounded to around $63,000, its price neared the 200-week simple moving average of approximately $62,800; however, the 14-day RSI had entered oversold territory, and the MACD still indicated that bearish momentum had not fully dissipated.