Bernstein: Bitcoin bull run has room to run as institutions buy and stablecoins hit record supply

Bernstein said in a research note that crypto market fundamentals are strengthening, with Bitcoin appearing to have established a floor around $60,000 and trending toward $80,000, according to Odaily Planet Daily. Analysts pointed to continued institutional inflows, MicroStrategy's ongoing Bitcoin purchases via its STRC product, and the deeper embedding of blockchain into financial infrastructure as drivers of "asymmetric" upside potential. Bernstein also highlighted expanding access through new distribution channels, including Morgan Stanley's Bitcoin ETF offering and Charles Schwab's spot trading platform. The note added that roughly 60% of Bitcoin supply has not moved over the past year, reinforcing a long-term holder base as institutional demand builds. Stablecoin supply has climbed to a record $300 billion, with payment and settlement use increasingly decoupled from market sentiment. Real-world asset tokenization has risen 110% year over year to $345 billion. While quantum computing remains a long-term risk, Bernstein said the industry should have sufficient time to implement a secure transition.