Bernstein: Bitcoin is shaping a more resilient ownership model, with Strategy playing the role of the "lender of last resort"

BlockBeats News, March 16th, Analysts from research and brokerage firm Bernstein stated in a report that as institutional funds flow in through ETFs and corporate treasury strategies reshape the market, Bitcoin is developing a more resilient ownership structure.

Led by analyst Gautam Chhugani, the analyst team pointed out in a report to clients on Monday that Bitcoin has shown resilience in the recent Middle East conflict, outperforming traditional assets such as gold and global stock indices.

The analysts believe that the maturity of a physically-backed Bitcoin ETF and the demand from large corporate treasury buyers have transformed Bitcoin's investor base, reducing reliance on speculative retail capital and strengthening its long-term outlook.

A key force driving this shift is Strategy. Bernstein describes the company as playing the role of the "lender of last resort" to Bitcoin through its aggressive accumulation mode.

The analysts stated that Strategy has continued to buy the dips in recent market volatility, accumulating 66,231 BTC so far this year at an average cost of nearly $85,000. According to their 8-K filing on Monday, Strategy currently holds over 761,000 BTC, valued at around $56 billion.

Strategy has also expanded its financing structure related to its Bitcoin strategy, including issuing preferred securities aimed at attracting yield-seeking investors. The report stated that the company's STRC product pays a 11.5% dividend, with weekly trading volumes exceeding $2 billion. The funds raised through these instruments have been used to finance additional Bitcoin purchases.

Meanwhile, institutional demand through a physically-backed Bitcoin ETF is also accelerating. The analysts estimated that ETFs have attracted around $2.1 billion in inflows over the past three weeks, bringing net outflows for the year to date down to around $460 million, with total ETF assets under management around $92 billion. According to Bernstein's analysis, these funds currently control about 6.1% of the total Bitcoin supply.

The report also highlighted the continued presence of long-term holders as another stabilizing force in the market. Bitcoin that has not moved for over a year currently represents about 60% of the circulating supply, indicating that a significant portion of investors primarily view Bitcoin as a store of value asset.

The analysts stated that overall, these structural changes are strengthening Bitcoin's capital base even after a period of volatility. Currently, institutional instruments, including ETFs, corporate treasuries, and governments, hold about 14% of the total supply.