Retail investors all rush to trade AI! Bernstein: Bitcoin inflows freeze up in 2026, but "this key" proves the structure is healthier

According to CoinDesk, Bernstein, Wall Street’s top research institution, said in a report released today (the 9th) that by 2026, Bitcoin (BTC) capital inflows will clearly slow down, mainly because retail investors are flocking crazily to assets related to artificial intelligence (AI). Although Bitcoin has recently fallen to around $62,000, Bernstein emphasized that the current base of Bitcoin holders already covers corporate treasuries, wealth management platforms, and institutions, and the market structure is healthier and more resilient than before.
(Background summary: Wintermute warns: Overheated non-farm payrolls trigger a bloodbath in Bitcoin and tech stocks; Strategy shows its first reduction in holdings in two years)
(Additional background: UK retail funds are set to buy Bitcoin: FCA proposes a 10% quota cap, with a public consultation before the end of July)

Global financial markets’ capital is being dominated by a single macro tailwind, and this strong AI hurricane is also causing capital to be diverted away from crypto assets. According to CoinDesk, a foreign media outlet, Bernstein, a well-known brokerage and research firm on Wall Street, said in its latest report released on June 9, 2026 that Bitcoin (BTC)’s recent weakness is mainly due to the sharp slowdown in global capital inflows, rather than market concerns about technological risks such as quantum computing.

Bernstein analyst Gautam Chhugani noted that in this year’s unusually single, AI-driven momentum market, the main reason Bitcoin has been sidelined is that retail investors are withdrawing large amounts of capital from the crypto market and rushing into AI stocks and high-profile equity offerings.

Capital inflows cut in half! Corporate buyers become the market’s new backbone

The report reveals a brutal contrast in where money has flowed over the past two years. From 2026 to date, the total capital inflow into spot Bitcoin ETFs and corporate treasuries is only about $12 billion, a collapse from the spectacular record of $60 billion in 2025. Out of the $75 billion total in spot ETF assets, cumulative net outflows this year have reached $2.6 billion.

However, analysts pointed out that compared with the frenzy of capital attraction in the global AI market, the scale of the $2.6 billion outflow is actually rather mild. Notably, the bulk of the incremental demand supporting the market this year is not coming from retail investors, but from “corporate buyers,” led by MicroStrategy (Strategy / MSTR). They continue to massively add to their positions through their balance sheets, becoming the market’s most important pillar.

Cut in half from the peak — a 50% drop! Quantum computing is not the main cause of the plunge

Looking back at Bitcoin’s price performance, Bitcoin has been trending downward from a high of about $82,000 in early May. Its recent decline is already more than 20%, and it even briefly broke below $60,000, setting a new low since October 2024. Compared with the all-time high of $126,000 set in October 2025, Bitcoin is currently down by roughly 50%.

Although market rumors suggested that research by Google triggered panic about the threat of quantum computing to Bitcoin’s encryption mechanism, Bernstein said decisively that the core pressure comes from weakened retail risk appetite and the shift of capital toward AI opportunities. A prior report from Citi also noted that spot ETF flows explain about 45% of weekly BTC price fluctuations, which remains the best indicator for measuring institutional adoption.

Market structure improves, diversified fundamentals support long-term value

However, Bernstein remains optimistic about Bitcoin’s long-term outlook. The analysts noted that although Bitcoin currently lacks the frenzy of AI trading hype, this actually sends a highly constructive positive signal—Bitcoin’s holder composition is being thoroughly improved, and it is no longer as dependent on momentum-driven retail speculative capital.

“Bitcoin may still provide some value in diversifying risk in this year’s unusually AI-driven momentum market,” the analysts emphasized in the report. At present, Bitcoin’s holder base is becoming increasingly diversified, spanning corporate treasuries, wealth management platforms, pension funds, and sovereign investors. This more resilient and healthy market structure will further strengthen the case for Bitcoin as a long-term “store of value” amid rising macroeconomic uncertainty.