According to The Block, Bernstein analyst Gautam Chhugani reported that although BTC has fallen back about 54% from its peak of around $125,000 in October 2025, the pullback is still clearly lower than the typical 75% to 90% drawdowns commonly seen at the end of past cycles. Bernstein continues to maintain its year-end BTC target of $150,000 and will keep watching whether capital flows show “signs of life.” Bernstein said that in 2026, the combined net inflows into Bitcoin ETFs and corporate treasuries were about $10 billion, far below the $60 billion in 2025, but against the backdrop of a roughly 50% drop in BTC, liquidity conditions were not as pessimistic as market sentiment.