Bernstein: Bitcoin's $60,000 position has constituted a clear bottom-optimistic structural bull for the future

On April 27, brokerage and research firm Bernstein said in its latest report that as Bitcoin approaches US$80,000, the fundamentals of the crypto market are strengthening, and the recent low of around US$60,000 has constituted a clear bottom. Analysts believe that stable institutional capital inflows from asset management companies and brokerages, Strategy's continued increase in Bitcoin holdings through STRC, and the increasing integration of blockchain and traditional financial infrastructure are key factors driving the market to achieve asymmetric upside. The report pointed out that ETF-led institutional demand is strengthening the holding base of Bitcoin, with more than 60% of the supply remaining unmoved for more than a year. At the same time, the supply of stablecoins hit a record high of more than US$300 billion, demonstrating continued, real-world demand for U.S. dollar payments and settlements. In addition, the size of real-world assets (RWAs) such as tokenized private credit and U.S. Treasury bonds increased by 110% year-on-year to US$345 billion. Analysts concluded: "The best days for cryptocurrencies are yet to come, and this will be reflected in a higher and structurally longer crypto bull market."