Boosted by "3 major bullish factors"! Bernstein analysis: Crypto bull market will be longer and stronger

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As Bitcoin approaches $80,000, analysts at Bernstein point out that the fundamentals of the cryptocurrency market look stronger than ever, with the recent low around $60,000 established as the cycle bottom. Bernstein highlights three major catalysts: steady institutional inflows driven by asset managers and major brokerages; MicroStrategy’s strategy of aggressively accumulating Bitcoin through perpetual preferred shares (STRC); and the accelerating integration of blockchain technology into the traditional financial system. The analyst team believes these factors are collectively injecting "Asymmetric Upside" into the market. Analysts led by Gautam Chhugani wrote in a report on Monday: The best days for crypto are still ahead, and we are heading into a higher-level, structurally longer supercycle. ETF-led institutional demand, MicroStrategy’s STRC as a high-yield tool Analysts noted that institutional demand driven by ETFs is reshaping Bitcoin’s holding structure. Data shows that 60% of the Bitcoin supply has not moved in over a year, indicating a rise in long-term investors and a "reluctance to sell" mentality, leading to a more stable market. Meanwhile, the perpetual preferred shares (STRC) issued by MicroStrategy are developing into a high-yield, low-volatility investment tool, attracting yield-seeking investors while providing a source of funding for the company to continue adding to its Bitcoin holdings. Institutional access channels are also continuing to expand. Bernstein pointed out that in the past few weeks, the launch of Bitcoin ETFs on Morgan Stanley and the Bitcoin and Ethereum spot trading platforms on Charles Schwab have further lowered the barrier for traditional investors to enter the cryptocurrency market. Rise of stablecoins and RWA: Demand decoupling from price cycles Another key shift comes from the rapid development of stablecoins and Real World Asset (RWA) tokenization. Analysts emphasized that the adoption of stablecoins has gradually "decoupled" from cryptocurrency market sentiment and price cycles, indicating a real and lasting demand in the global real economy for "USD-backed payment and settlement networks." Today, the total supply of stablecoins has surpassed $300 billion, hitting an all-time high. Beyond stablecoins, the RWA tokenization sector is also growing aggressively. Benefiting from the on-chain migration of private credit and U.S. Treasuries, the $345 billion RWA tokenization market is expanding at an astonishing annual rate of 110%. Additionally, on-chain trading activity for stocks and commodities on decentralized exchanges like Hyperliquid is also increasing day by day. Quantum computing risks are manageable Despite the overall optimistic outlook, concerns remain. Analysts pointed out that breakthroughs in quantum computing do pose a "long-term and manageable risk" to cryptocurrencies, but they expect the blockchain ecosystem to have sufficient time to prepare, transition smoothly, and upgrade to quantum-resistant security mechanisms.

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Published:2026-04-28 01:30:41

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