Bernstein Sees Signs of Crypto Market Improvement and Stronger Fundamentals
Gautam Chhugani, Bernstein’s lead digital asset analyst, says he sees an “asymmetric upside” returning to crypto markets, driven by stronger institutional inflows, resilient long-term holders, and the rapid integration of blockchain infrastructure into traditional finance.
Bitcoin is steadily approaching the $80,000 mark after establishing a clear bottom ard $60,000. Chhugani noted that the combination of Strategy’s treasury model and spot Bitcoin ETFs has fundamentally reshaped Bitcoin’s ownership structure, with long-term holders (those holding for over a year) now accounting for 60% of the total supply.
“This ownership structure is unique to Bitcoin and reflects long-term ‘believers’ who are less sensitive to price volatility and hold Bitcoin as a ‘store of value,’” Chhugani wrote.
