Bitcoin's recent weakness is driven by softer capital flows rather than quantum computing fears, according to Bernstein. Inflows from bitcoin treasury companies and ETFs have dropped to $12 billion in 2026, down from $60 billion in 2025, with ETFs seeing net outflows of $2.6 billion. Bernstein attributes the slowdown to retail investors shifting towards AI-related opportunities, noting that tokenized equities and commodities have outperformed crypto. Despite bitcoin falling over 20% from $82,000 to $63,000 since early May, and briefly dropping below $60,000, Bernstein views the diversified ownership base—including ETFs, corporates, and pension funds—as supportive of its long-term store-of-value thesis. The analysts argue that "being boring" does not weaken bitcoin's case and may reflect a healthier market structure. Spot bitcoin ETF flows explain roughly 45% of weekly price moves, according to Citi.

Key facts

• Bitcoin inflows from treasuries and ETFs fell to $12 billion in 2026 from $60 billion in 2025.
• Retail investors are shifting from crypto to AI-related opportunities, Bernstein says.
• Bitcoin dropped over 20% from $82,000 in early May to around $63,000.
• Bernstein views diversified ownership as supporting bitcoin's store-of-value thesis.
• Citi says spot bitcoin ETF flows explain about 45% of weekly BTC price moves.

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