Bernstein: Bitcoin's bull market cycle will be longer, driven by institutional funds and demand for stablecoins.

In a research report, Bernstein stated that the cryptocurrency market is currently showing signs of strengthening fundamentals. Analysts point out that Bitcoin has bottomed out around $60,000 and is moving towards the $80,000 mark. Institutional inflows, MicroStrategy's continued accumulation of Bitcoin through its STRC products, and the deep integration of blockchain with financial infrastructure are collectively creating asymmetric upside potential. Bernstein emphasizes that new distribution channels from Morgan Stanley's Bitcoin ETF and Charles Schwab's spot trading platform have broadened participation. Currently, approximately 60% of the Bitcoin supply has not moved in the past year, and institutional demand is strengthening its holding base. Furthermore, the stablecoin supply has reached a record high of $300 billion, and its payment settlement demand has decoupled from market sentiment. The tokenized real-world asset sector has grown by 110% year-on-year, reaching $345 billion. While quantum computing carries long-term risks, analysts believe the industry has ample time for a secure transition.