Bernstein: Bitcoin's structural bull market likely has further to run

Bernstein analysts said in a new report cited by The Block that crypto market fundamentals are still improving, with Bitcoin's recent dip to $60,000 marking a clear floor. With prices now nearing $80,000 on the back of institutional buying, the firm expects the market to remain in a longer-lasting, structural bull cycle. Bernstein analyst Gautam Chhugani pointed to several catalysts: • Broader institutional access: Morgan Stanley's launch of a Bitcoin ETF and Charles Schwab's spot Bitcoin/ETH trading platform. The report also notes that about 60% of Bitcoin supply has not moved for more than a year, suggesting a more stable holder base. • Strategy's continued accumulation: The company's STRC perpetual preferred stock has drawn income-focused investors, with Bitcoin holdings now at 818,334. • Stablecoin demand at record levels: Total stablecoin supply has topped $300 billion, increasingly decoupled from crypto market cycles and reflecting sustained growth in real-world payments and settlement demand. • Accelerating tokenization of real-world assets: The total value of tokenized assets, including private credit and government bonds, has reached $345 billion, up 110% year over year. The report adds that quantum computing remains a long-term risk, but expects the blockchain ecosystem to have enough time to migrate toward post-quantum security.