Bernstein: This year, Bitcoin ETFs have seen a net outflow of $2.6 billion, but the "boring cycle" does not change its long-term value storage attributes
According to The Block, Bernstein analysts stated that despite a cumulative net outflow of $2.6 billion from Bitcoin spot ETFs in 2026, the long-term argument for Bitcoin as a store of value has not changed.
Since the beginning of this year, the net inflow into ETFs and corporate treasuries has been approximately $12 billion (about $60 billion in 2025), with corporate treasuries being the main driving force. Glassnode data shows that 61% of the circulating Bitcoin supply has been idle for over a year.
The accumulation of corporate funds is the main force offsetting ETF liquidations, with Strategy raising $7.5 billion through STRC preferred stock products to acquire approximately 100,000 Bitcoins, and its $53 billion Bitcoin position can cover more than 30 times STRC's annual cash dividends of $1.2 billion.
Analysts added that although Bitcoin inflows have slowed, capital is shifting towards real-world asset (RWA) tokenization-related infrastructure, with platforms like Hyperliquid seeing significant growth in trading volume in tokenized stocks and commodities markets.
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