Recently, Wall Street investment bank Bernstein published an interesting cryptocurrency analysis report. They believe that at the current stage where Bitcoin is approaching $81k, the market fundamentals are actually much stronger than in the past, and the previous low of around $60,000 has been established as the bottom of this cycle.

Bernstein's analysis team pointed out three key factors driving the market. First is the steady inflow of institutional funds, especially the demand brought by asset management firms and large traditional brokerages. They mentioned that recently, Morgan Stanley and Charles Schwab launched spot trading platforms for Bitcoin and Ethereum, greatly lowering the barrier for traditional investors to enter the crypto market.

Second is an interesting phenomenon—it's said that some companies are accumulating Bitcoin by issuing perpetual preferred shares STRC, which has become a high-yield, low-volatility investment tool, attracting many yield-seeking investors. Data shows that currently, 60% of Bitcoin has not moved in over a year, indicating an increase in long-term holders and more stable market chips.

The third noteworthy factor is the rapid rise of stablecoins and real-world asset tokenization (RWA). The demand for stablecoins has decoupled from the crypto market’s price swings, reflecting a genuine and lasting global demand for a dollar-backed payment settlement network. The total supply of stablecoins has surpassed $300 billion, hitting a new all-time high. Meanwhile, the RWA tokenization market size has reached $345 billion, expanding at an annual rate of 110%, with decentralized trading platforms like Hyperliquid seeing increasing activity in on-chain stocks and commodities trading.

Bernstein's analysts wrote in the report that the best days for cryptocurrencies are still ahead, and the market will usher in a larger and longer-lasting super bull market. These factors collectively inject asymmetric upside potential into the market. Of course, they also mentioned the risks posed by quantum computers but believe this is long-term and manageable, with the blockchain ecosystem having ample time to upgrade to quantum-resistant security mechanisms. Overall, this report remains quite optimistic about the prospects of the cryptocurrency market.