The firm cites the success of spot bitcoin ETFs, which now manage approximately $120 billion in assets, as validation of BTC’s role as a mainstream macro asset. This institutionalization is viewed as a foundational shift that reduces risk and enhances credibility. Bernstein contends that growing adoption by real-world financial entities supports long-term valuation growth. The report suggests bitcoin’s trajectory is no longer speculative but rooted in systemic integration across capital markets and investor infrastructure.

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