Bernstein: Bitcoin's Store-of-Value Thesis Unchanged Despite $2.6B ETF Outflows in 2026

According to Bernstein analysts on Monday, bitcoin's long-term store-of-value thesis remains intact despite slower capital allocation and reduced retail momentum in 2026. Bitcoin ETFs saw net outflows of $2.6 billion year-to-date in 2026, while corporate treasury companies drove approximately $12 billion in inflows, compared with roughly $60 billion in 2025.

"Bitcoin being boring this cycle should not be held against it," analysts led by Gautam Chhugani wrote, noting that 61% of circulating bitcoin supply has remained inactive for over one year, reflecting stronger institutional ownership across wealth platforms, pension funds, and sovereign wealth funds. Bitcoin traded above $63,000 on Monday, roughly 50% below its October 2025 all-time high of $126,000.