Bernstein: Strengthening Structure in Crypto Market Suggests Bitcoin May Enter a Longer Bull Cycle

On April 27, The Block reported that analysts at research firm Bernstein stated in their latest report that the fundamentals of the crypto market are continuously improving. The recent low of $60,000 for Bitcoin has established a clear bottom, and with current prices approaching $80,000, there is potential for a longer structural bull market driven by institutional demand. Analyst Gautam Chhugani highlighted the following core drivers: • Continuous expansion of institutional channels: Morgan Stanley’s Bitcoin ETF and Charles Schwab’s spot Bitcoin/Ethereum trading platform have launched, with about 60% of Bitcoin supply remaining unmoved for over a year, indicating a stabilizing holder structure; • Strategy continues to increase holdings: Their STRC perpetual preferred stock product is attracting yield-seeking investors, with current holdings reaching 818,334 Bitcoins; • Demand for stablecoins hits all-time high: Stablecoin supply has surpassed $300 billion, decoupling from the crypto market price cycle, indicating sustained growth in real payment and settlement needs; • Acceleration of tokenized real asset expansion: The scale of tokenized assets such as private credit and government bonds has reached $345 billion, a 110% year-on-year increase. Bernstein also cautioned that quantum computing poses a long-term potential risk, but the blockchain ecosystem is expected to have ample time to complete the post-quantum security transition.