#比特币突破7.9万美元 Bernstein: The crypto market structure is strengthening, and Bitcoin is expected to enter a longer-term bull market

On April 27, according to The Block, research firm Bernstein analysts stated in their latest report that the fundamentals of the crypto market are continuously improving. Bitcoin's recent low of $60,000 has clearly formed a bottom, and with prices approaching $80,000, a longer cycle of structural bull market is likely driven by institutional demand.
Bernstein analyst Gautam Chhugani pointed out four core driving factors:
First, the expansion of institutional channels continues, with Morgan Stanley Bitcoin ETF and Charles Schwab's spot Bitcoin/Ethereum trading platform launching successively. About 60% of Bitcoin supply has not moved in over a year, indicating a stable holder structure;
Second, Strategy continues to increase holdings, with its STRC perpetual preferred stock product currently holding 818,334 Bitcoin;
Third, demand for stablecoins hits a record high, with supply surpassing $300 billion, and decoupling from crypto market price cycles, showing that real payment and settlement needs are continuously growing;
Fourth, tokenization of real assets accelerates, with the scale of tokenized assets such as private credit and government bonds reaching $345 billion, a 110% year-over-year increase. Bernstein also notes that quantum computing poses a long-term potential risk, but the blockchain ecosystem is expected to have sufficient time to complete post-quantum security transition.

Disclaimer: Contains third-party opinions and does not constitute financial advice