BlockBeats News, March 16th, Analysts at research and brokerage firm Bernstein stated in a report that as institutional funds flow in through ETFs and corporate treasury strategies reshape the market, Bitcoin is developing a more resilient ownership structure.
Lead by analyst Gautam Chhugani, the analyst team pointed out in a report to clients on Monday that Bitcoin has shown resilience in the recent Middle East conflict, outperforming traditional assets such as gold and global stock indices.
The analysts believe that the maturity of a spot Bitcoin ETF and the demand from large corporate treasury buyers have altered Bitcoin’s investor base, reducing reliance on speculative retail capital and strengthening its long-term outlook.
The key force driving this transformation is Strategy. Bernstein described the company as playing the role of the “ultimate Bitcoin lender” through its aggressive accumulation strategy.
The analysts stated that Strategy has continued to buy during recent market volatility, adding 66,231 BTC so far this year at an average cost close to $85,000. According to the 8-K filing submitted on Monday, Strategy currently holds over 761,000 BTC, valued at around $56 billion.
Strategy has also expanded its financing structure related to its Bitcoin strategy, including priority securities aimed at attracting yield-oriented investors. The report stated that the company’s STRC product pays a 11.5% dividend, with weekly trading volumes surpassing $2 billion. The funds raised through these instruments have been used to finance additional Bitcoin purchases.
Meanwhile, institutional demand through the spot Bitcoin ETF is also accelerating. Analysts estimate that over the past three weeks, ETFs have attracted approximately $2.1 billion in inflows, reducing net outflows year-to-date to about $460 million, with total ETF assets under management at around $92 billion. According to Bernstein’s analysis, these funds currently control around 6.1% of the total Bitcoin supply.
The report also emphasized the continued presence of long-term holders as another stabilizing force in the market. Bitcoin that has not moved for over a year currently represents around 60% of the circulating supply, indicating that a significant portion of investors primarily view Bitcoin as a store of value asset.
The analysts stated that overall, these structural changes are strengthening Bitcoin’s capital base even after experiencing a period of volatility. Currently, institutional instruments, including ETFs, corporate treasuries, and governments, hold around 14% of the total supply.
