Bitcoin moved close to the $80,000 level this week, with research firm Bernstein saying the digital asset market is entering a stronger, more structural phase after recent lows near $60,000.
In a note to clients, the firm said a combination of sustained institutional inflows, fading retail selling pressure, and tighter links between blockchain and traditional finance is setting the stage for further upside.
Institutional demand deepens long-term ownership base
Bernstein’s team, led by analyst Gautam Chhugani, said demand via exchange-traded products has helped solidify bitcoin’s long-term holder base.
Around 60% of bitcoin’s circulating supply has not moved in over a year, according to the note, signaling a rising share of long-term holders and reduced available supply on the market.
The report highlighted that corporate accumulation remains a major force. The company led by Michael Saylor recently bought another 3,273 bitcoins for $255 million, lifting its holdings to 818,334 BTC. Its purchases in 2026, largely funded by a perpetual preferred stock instrument, have exceeded the combined net buying of newly launched spot products, underscoring a separate and aggressive accumulation channel.
Exchange-traded products drive april rally
April has delivered gains of more than 13.7% for bitcoin, the strongest performance for that month since 2020. Bernstein linked this move directly to renewed demand for exchange-traded vehicles.
Over the past two weeks, these products have attracted more than $2 billion in net inflows, reversing earlier outflows and setting the longest uninterrupted inflow streak of 2026.
This demand has created a sharp supply-absorption effect. On some days, exchange-traded products have taken in as much as 42 times the number of new bitcoins created by miners, tightening supply conditions in the spot market.
Bitcoin is now testing technical resistance near $80,100, a level that roughly aligns with the cost basis of many recent buyers and could shape short-term trading behavior.
Wall street opens new channels to crypto
Bernstein noted that U.S. investment banks and major brokerage platforms have recently expanded access to spot trading and bitcoin-focused ETFs.
These moves are pulling more money managers and financial advisers into the market, broadening participation beyond early adopters and specialist firms.
Stablecoins hit record circulation above $300 billion
Stablecoin circulation has reached an all-time high, with Bernstein estimating the total market above $300 billion and separate market data putting late-april capitalization at about $321 billion.
Tether’s USDT represents roughly 58% of that total, reinforcing its role as the dominant dollar-pegged token.
The report said stablecoin usage is becoming less tied to day-to-day market sentiment. Instead, growth is increasingly driven by practical use cases such as payments, remittances, and on-chain settlement, suggesting robust underlying transaction demand that persists through market cycles.
Tokenized real-world assets surge
Tokenized real-world assets have seen rapid expansion. Bernstein said the value of tokenized private credit and treasury-related products has climbed to $345 billion, a 110% increase year-on-year, driven by greater integration with mainstream financing platforms.
Separately, on public blockchains, tokenized off-chain assets such as U.S. treasury bills and private credit have grown to around $27.6 billion in value. Trading activity in tokenized equities and commodities is also rising.
The firm said this trend shows how traditional financial instruments are increasingly being issued, traded, and settled on blockchain rails, with backing and experimentation from major asset managers.
Preparing for quantum-era security risks
Despite the upbeat outlook, Bernstein flagged longer-term technology risks, particularly the potential impact of quantum computing on existing cryptographic standards that secure blockchains.
The firm said the industry appears to have sufficient time to adapt, and noted that multiple blockchain projects have already published roadmaps for shifting to post-quantum cryptography. Some networks are targeting initial upgrades as early as the third quarter of 2026, with several aiming for full readiness around 2028.
Bernstein concluded that, while quantum threats remain a distant issue, ongoing preparation supports the view that the digital asset ecosystem is moving into a more mature and structurally resilient phase.
Institutional flows shaping Bitcoin’s surge? Learn how they intersect with TradFi in Toobit’s guide to Traditional Finance.
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