📊Bernstein analysts said #Bitcoin’s “boring cycle” and weaker retail beta do not undermine its long-term store-of-value thesis, even as spot Bitcoin ETFs have recorded $2.6B in net outflows in 2026. According to analysts, the current cycle has shown weaker momentum compared to previous bull market periods, but the market structure remains healthy. Bernstein attributed the recent volatility to limited liquidity and retail investors’ interest in the AI sector, rather than a loss of confidence in digital gold. Furthermore, $BTC continues to correlate with risk assets over shorter time horizons. Nevertheless, the institutional base for the asset has expanded across wealth management platforms, broker-dealers, private banks, pension funds, and sovereign wealth funds. @glassnode data cited in the note shows that 61% of the circulating $BTC supply has remained inactive for more than one year.