Bernstein analysts have found the current Bitcoin cycle to be "boring": since early 2026, $2.6 billion has gone out of US spot ETFs, and volatility remains muted. However, experts led by Gautam Chugani emphasized that this does not invalidate the thesis of Bitcoin as a means of saving. They link the weak dynamics to limited liquidity and reinvestment of retail capital in the AI sector, rather than to a loss of confidence in digital gold.

The key demand driver offsetting the outflow of funds has been corporate procurement. Strategy plays the main role, which in 2026 attracted $7.5 billion through privileged instruments to acquire around 100,000 BTC. The company’s balance sheet now exceeds 818,000 coins, and the risk of forced sales is assessed as minimal. At the same time, data from Glassnode show that 61% of market supply has not moved for more than a year - a sign of long-term savings.

Despite slowing growth in realized capitalization and a decline in the supply share of profits to 59.8%, Bernstein remains boisterous. Experts recall that in April, $60,000 was called the "solid bottom" of Bitcoin, and the current consolidation, they argue, only strengthens the foundation for the next phase of growth through institutional implementation.