Bernstein: Bitcoin bull market structurally prolonged, driven by institutional funds and stablecoin demand According to The Block, Bernstein analysts believe that Bitcoin has recently rebounded from around $60000 to nearly $80000, indicating that this round of decline has formed a clear "bottom" and the fundamentals of the cryptocurrency market have strengthened. The report points out that institutional channels such as Bitcoin ETFs continue to bring in capital inflows, with about 60% of Bitcoin not moving for more than a year. Strategy has accelerated its holdings through STRC perpetual preferred stock products, with holdings reaching 818334 BTC. Morgan Stanley, Jiaxin Wealth Management and other companies have added Bitcoin access channels to expand their participation. At the same time, the circulation of stable currency exceeded $300 billion, and the use was decoupled from the encryption price cycle, boosting the scale of token treasury bond, private credit and other RWAs by 110% year-on-year. The report states that quantum computing poses long-term risks, but it is expected that there will be sufficient time on the chain to complete the quantum security migration after completion.