According to The Block, Bernstein analyst Gautam Chhugani said that although BTC has retreated about 54% from its peak of roughly $125k in October 2025, the drawdown is still noticeably smaller than the typical 75% to 90% retracements commonly seen at the end of past cycles. Bernstein maintains its $150k year-end BTC target and will continue to monitor whether capital flows show “signs of life.” Bernstein noted that in 2026, the total net inflows into Bitcoin ETFs and the custodians/treasury firms totaled about $10 billion, far below the $60 billion in 2025, but against the backdrop of BTC’s roughly 50% pullback, capital flows are not as pessimistic as market sentiment suggests.