Bernstein: Bitcoin ETF has had a net outflow of US$2.6 billion this year, but the "boring cycle" does not change its long-term value storage attribute

According to TheBlock, Bernstein analysts said that despite a cumulative net outflow of US$2.6 billion from Bitcoin Spot ETF in 2026, the long-term argument of Bitcoin as a store of value has not changed.<br /> Since the beginning of this year, the combined net inflow of ETFs and corporate treasury is approximately US$12 billion (approximately US$60 billion in 2025), of which corporate treasury is the main driving force. Glassnode data shows that 61% of the bitcoin supply in circulation has been idle for more than a year.<br /> Corporate capital accumulation is the main force offsetting the liquidation of ETFs. Among them, Strategy has raised US$7.5 billion through STRC preferred stock products to acquire approximately 100,000 bitcoins. Its US$53 billion Bitcoin position can cover STRC's annual cash dividend. More than 30 times the $1.2 billion.<br /> Analysts added that although Bitcoin capital inflows have slowed, capital is shifting to real-world asset (RWA) tokenization-related infrastructure, and platforms such as Hyperliquid have seen significant growth in trading volume in tokenized stock and commodity markets.