Bernstein analysts maintain Bitcoin’s long-term thesis as net inflows hit $12 billion this year, down from $60 billion in 2025.
Bitcoin’s role as a store of value remains intact despite recent market declines, according to a new report. Net inflows into spot Bitcoin ETFs and treasury firms total $12 billion this year, a fraction of the $60 billion recorded in 2025. Outflows from ETFs alone account for $2.6 billion, with broader selling driven by crypto treasury firms exiting positions.
The report attributes the downturn to investors reallocating capital toward AI-related stocks, overshadowing retail interest in cryptocurrencies. Bitcoin trades near $63,000, down 50% from its October peak of $126,000. Analysts argue the current cycle’s subdued activity does not undermine the asset’s long-term thesis.
The cryptocurrency hit a two-month low on June 5, reflecting broader market pressure but not structural shifts in its value proposition.