Bitcoin and Ethereum have recently outperformed gold and global stock markets, highlighting safe-haven demand amid geopolitical tensions. Wall Street brokerage Bernstein points out that Bitcoin's resilience reflects a fundamental shift in its ownership structure, with institutional investors dominating the market. Regarding institutional holdings, Strategy, dubbed the "last central bank of Bitcoin," has consistently bought Bitcoin during market downturns. Recently, it added 22,337 BTC at approximately $70,194 per BTC, bringing its total holdings to 761,068 BTC, with an average cost of approximately $75,696. Analysts indicate that Bitcoin's recent performance under geopolitical pressure has reignited discussions about it as "digital gold." Strategy stock (MSTR) is currently trading at approximately a 14% discount to Bitcoin's net asset value, providing stock market investors with a high-beta way to participate in Bitcoin's rise. Through high-yield financing offered by STRC products, Strategy further gains liquidity to support market buying. Meanwhile, spot Bitcoin ETFs have attracted approximately $2.1 billion in inflows over the past three weeks, representing about 6.1% of the total supply. Institutional investors include wealth management firms, pension funds, and sovereign wealth funds. Retail investors have recently been net sellers, but the proportion of long-term holders remains high; approximately 60% of Bitcoin has not moved in the past year, indicating that its long-term value storage properties continue to exist. (CoinDesk)