Key Takeaways
Bernstein identifies Bitcoin's recent low of approximately $60,000 as a clear cycle bottom, with the asset now approaching $80,000 on strengthening fundamentals
Key bullish drivers cited: stable institutional ETF inflows, Strategy's continued STRC-funded Bitcoin accumulation, and deepening blockchain integration with traditional financial infrastructure
Over 60% of Bitcoin supply has remained unmoved for more than a year, reflecting a strengthening long-term holder base
Stablecoin supply has reached a record high above $300 billion, signaling sustained real-world demand for dollar-denominated payments and settlements
Tokenized private credit and real-world assets including US Treasuries grew 110% year-over-year to $345 billion
Bernstein has declared Bitcoin's bear market over, identifying the recent low of approximately $60,000 as a clear structural bottom and calling for a bull market that is both higher and longer than prior cycles, according to the firm's latest research report cited by BlockBeats on April 27.
The brokerage and research firm published the bullish assessment as Bitcoin approaches $80,000, arguing that the underlying fundamentals of the crypto market have materially strengthened since the cycle low and that the current setup is structurally different from previous recoveries.
Three Structural Drivers
Bernstein identifies three primary forces underpinning what it calls an asymmetric upward trend in crypto markets. First, stable institutional inflows from asset management companies and securities firms -- primarily channeled through spot Bitcoin ETFs -- are providing a consistent and growing demand floor that was absent in prior cycles. Second, Strategy's continued accumulation of Bitcoin through its STRC preferred equity program represents a sustained corporate buying program that removes supply from circulation on an ongoing basis. Third, the accelerating integration of blockchain technology with traditional financial infrastructure is expanding the addressable market and legitimizing crypto as an asset class for regulated capital.
Supply Dynamics Support the Bull Case
On-chain data reinforces the structural argument. More than 60% of Bitcoin's circulating supply has remained unmoved for over a year, indicating that a dominant share of the holder base is composed of long-term, conviction-driven investors rather than short-term speculators. This concentration of supply in strong hands reduces the available float and historically precedes periods of price appreciation as demand competes for a shrinking pool of liquid coins.
Stablecoins and RWA Signal Broader Ecosystem Maturity
Beyond Bitcoin, Bernstein points to broader crypto ecosystem metrics as evidence of structural growth. Global stablecoin supply has surpassed $300 billion for the first time, reflecting sustained real-world demand for dollar-denominated digital payments and cross-border settlements rather than purely speculative activity. Tokenized real-world assets -- including private credit instruments and US Treasury bonds -- grew 110% year-over-year to $345 billion, demonstrating that institutional adoption of blockchain infrastructure is accelerating across traditional asset classes.
Bernstein's analysts concluded with a sweeping forward-looking statement: "The best days for cryptocurrencies are yet to come, which will be reflected in a higher and structurally longer crypto bull market."