Bitcoin’s ownership structure has been shifting quietly for months, with long-term holders, institutional funds, and corporate treasuries absorbing supply that once cycled rapidly through short-term traders.
In a Monday research note, analysts at Bernstein argued that Bitcoin‘s recent price rebound reflects that structural shift rather than speculative momentum. The firm noted that BTC rose approximately 7% over the past week while Ether gained around 9%, outperforming gold and major equity indexes during a period of heightened conflict in the Middle East. “Maybe it takes a physical conflict to realise Bitcoin remains the most portable (cross-border), digital and liquid asset with no counterparty risks,” the firm wrote.
CoinGecko data cited in the note shows BTC trading at approximately $73,208 at the time of writing, up over 8% in the prior seven days. According to Bernstein, roughly 60% of Bitcoin supply has been inactive for more than a year — a signal the analysts interpret as a market increasingly dominated by holders with longer time horizons rather than fast-money flows.
ETF Inflows and Corporate Accumulation
US spot Bitcoin ETFs recorded three consecutive weeks of inflows totalling over $2.1 billion, according to SoSoValue data referenced in the note. Bernstein attributed this to rising long-term capital allocations through wealth managers, institutional funds, and pension and sovereign funds. The firm says spot BTC ETFs have nearly reversed their year-to-date capital outflows, with net withdrawals narrowing to approximately $460 million against roughly $92 billion in total assets under management.
Corporate treasury buying adds a separate layer to that demand picture. Strategy added 66,231 BTC year-to-date for approximately $5.6 billion at an average purchase price of around $85,000, according to the announcement. On March 9, the company disclosed an acquisition of 17,994 Bitcoin for $1.28 billion between March 2 and 8, pushing its total reserves above 738,000 BTC, valued at roughly $54 billion.
A More Stable Market Base
The aggregate numbers reinforce the ownership concentration argument. Bitcoin Treasuries data shows ETFs and exchanges hold approximately 1.6 million BTC, worth over $117 billion, while public companies hold 1.15 million BTC, worth about $84 billion.
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Bernstein‘s broader thesis is that as more supply migrates into ETFs, corporate balance sheets, and wallets that transact infrequently, short-term sell pressure becomes a smaller fraction of available float. The analysts say this dynamic is contributing to a more stable market structure during periods of macroeconomic or geopolitical stress — a claim the past week’s price action, at least in the firm’s view, supports.
Disclaimer: The information provided in this article is for educational and informational purposes only and does not constitute financial or investment advice.
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