[Bernstein: Bitcoin retail holders have been panic selling in recent months, but long-term holders remain resilient] BlockBeats news, March 16, research and brokerage firm Bernstein stated in a report that Bitcoin holdings untouched for over a year account for 60% of the total supply. This ownership structure is unique to Bitcoin, signifying the presence of a group of long-term 'believers'—individuals who are insensitive to Bitcoin's volatility and hold it as a 'store of value.' This situation occurs against the backdrop of Bitcoin's significant underperformance compared to gold last year. Approximately 14% of Bitcoin is held by ETFs, digital asset treasuries (including companies like Strategy), and governments. Bitcoin's resilient capital base is expanding.