Report: A new bull market in Bitcoin or a more protracted industry "best stage is still ahead"

Research firm Bernstein's latest report stated that as Bitcoin approaches the US$80,000 mark, the crypto market is entering a new round of structural growth. The cycle of this round may be longer than before and there is "asymmetric upside space". The report pointed out that the previous fall to US$60,000 has constituted a phased bottom, and the market is being driven by the integration of institutional funds and the traditional financial system. Analyst Gautam Chhugani said: "The best times for the crypto industry are still ahead, and this will be reflected in a higher and more protracted bull cycle." In terms of supply structure, about 60% of bitcoins have not been transferred for more than a year, indicating an increase in the proportion of long-term holders; at the same time, ETFs and corporate balance sheet allocations continue to absorb supply. Strategy currently holds approximately 818,000 BTC, and its income-based products have also attracted more traditional funds. In terms of institutional channels, Morgan Stanley and Charles Schwab are expanding their access to Bitcoin ETF and spot trading, further lowering investment thresholds. Fundamentally, the supply of stablecoins has exceeded US$300 billion, and the demand for real payment and settlement has increased; the scale of real-world asset (RWA) tokenization has reached US$345 billion, a year-on-year increase of 110%. In addition, platforms like Hyperliquid are driving the activity of trading stocks and commodities on the chain. The report also reminds that quantum computing poses long-term potential risks to cryptographic security, but it is controllable in the short term and the industry has sufficient time to transition to anti-quantum standards.