Bernstein: Crypto Market Shows Structural Strength, Bitcoin Poised for Extended Bull Market

Gate News message, April 27 — Investment research firm Bernstein has released a report indicating that cryptocurrency market fundamentals are steadily improving, with Bitcoin’s recent $60,000 low establishing a clear bottom. The asset is now approaching $80,000 and is positioned to enter a longer-term structural bull market driven by institutional demand, according to Bernstein analyst Gautam Chhugani.

Key drivers identified include institutional channel expansion, with Morgan Stanley’s Bitcoin ETF and Charles Schwab’s spot Bitcoin and Ethereum trading platforms now live. Approximately 60% of Bitcoin’s supply has remained unmoved for over one year, signaling a stabilizing holder structure. Bernstein’s STRC perpetual preferred stock product has attracted yield-focused investors, with current holdings reaching 818,334 BTC. Stablecoin supply has hit an all-time high of $300 billion, decoupling from crypto market price cycles and reflecting growing real payment and settlement demand. Tokenized real-world assets such as private credit and government bonds have surged to $345 billion, representing 110% year-over-year growth.

Bernstein cautioned that quantum computing poses a long-term potential risk, though the blockchain ecosystem is expected to have sufficient time to complete a post-quantum security transition.