Bernstein analysts argue that Bitcoin's recent 27% year-to-date drop and 80% decline in net inflows (from $60B in 2025 to $12B in 2026) are signs of institutional maturation rather than a structural downturn. Retail investors have shifted focus to AI stocks, leaving Bitcoin's holder base composed increasingly of institutions, pension funds, and corporate treasuries. Strategy (formerly MicroStrategy) continues aggressive accumulation, raising $7.5B via STRC to buy ~100,000 BTC, now holding 845,000 BTC worth $53.6B. Bitcoin ETFs have seen net outflows of $2.6B from a $75B base. Despite Bitcoin trading at ~$63,000 (down 50% from October peak), Bernstein reiterates $150,000 year-end target. The broader crypto market cap is $2.25T, a fraction of global equity and commodity markets. Many Bitcoin miners, like IREN and Cipher Digital, have pivoted to AI data centers, posting gains.

Key facts

• Bitcoin year-to-date net inflows fall 80% to $12B vs $60B in 2025
• Bitcoin ETFs see $2.6B net outflows from $75B asset base
• Strategy raises $7.5B via STRC, buys ~100K BTC, now holds 845K BTC
• Retail shifts to AI stocks; institutional holders dominate Bitcoin
• Bernstein reiterates Bitcoin year-end target of $150,000

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