Bernstein reports that Bitcoin’s rally is driven by the strengthening of long-term holder structures. Over the past week, Bitcoin rose about 7%, while Ethereum increased about 9%, outperforming gold and major stock indices. The gains are attributed to sustained capital inflows into U.S. spot Bitcoin ETFs and ongoing accumulation by institutions such as Strategy. U.S. spot Bitcoin ETFs have logged net inflows for three consecutive weeks, totaling over $2.1 billion, with year-to-date net outflows narrowing to about $460 million.
Total assets under management stand at approximately $92 billion. Glassnode data reveals that around 60% of Bitcoin’s total supply has remained unmoved on-chain for more than a year. ETFs and exchanges together hold around 1.6 million BTC, while publicly traded companies hold about 1.15 million BTC.
Strategy has accumulated 66,231 BTC year-to-date, spending $5.6 billion at an average price of $85,000. This has increased its total holdings to over 738,000 BTC.
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