Bernstein: The significant slowdown in Bitcoin fund inflows is due to retail investors switching to AI, rather than quantum computing risks On June 9th, according to CoinDesk, Wall Street brokerage Bernstein released a research report stating that the main driving factor for the weakening of Bitcoin prices in 2026 is the slowdown in capital flows, rather than market concerns about the threat of quantum computing. The report shows that Bitcoin Treasury and ETFs have attracted a total inflow of approximately $12 billion this year, a significant decrease from $60 billion in 2025; ETFs recorded a net outflow of approximately $2.6 billion based on their asset size of $75 billion, with new demand mainly coming from corporate buyers represented by Strategy (MSTR). Bernstein analysts attribute the slowdown in funds to a large influx of retail investors into AI related assets, with the strongest performance in the cryptocurrency market this year concentrated in tokenized stocks and commodities. However, analysts believe that the outflow scale of ETFs is still moderate, and the structure of Bitcoin investors has shifted from retail investors to diverse entities such as ETFs, corporate treasuries, wealth management platforms, pension funds, and sovereign investors. The market structure is becoming healthier, and the long-term value storage logic has not been compromised.