Bernstein: The crypto market is structurally strengthening, and bitcoin is expected to start a longer bull cycle.

ChainCatcher news, according to The Block, research institution Bernstein analysts stated in their latest report that the fundamentals of the crypto market are continuously improving, Bitcoin's recent low of $60,000 has formed a clear bottom, and with current prices approaching $80,000 and institutional demand driving, a longer structural bull market cycle is expected.

Bernstein analyst Gautam Chhugani pointed out the following core drivers: • Institutional channels continue to expand: Morgan Stanley’s Bitcoin ETF and Charles Schwab’s spot Bitcoin/Ethereum trading platform have been launched in succession, about 60% of Bitcoin supply has not moved for over a year, and holder structure is becoming more stable; • Strategy continues to increase holdings: Its STRC perpetual preferred stock product attracts yield-oriented investors, and its current holdings have reached 818,334 Bitcoins; • Stablecoin demand hits a historical high: Stablecoin supply has surpassed $300 billion and has decoupled from crypto market price cycles, showing real payment and settlement demand is continually growing; • Tokenization of real-world assets accelerates: The scale of tokenized assets such as private credit and government bonds has reached $345 billion, up 110% year-over-year. Bernstein also notes that quantum computing constitutes a long-term potential risk, but expects the blockchain ecosystem to have ample time to complete the transition to post-quantum security.