Bitcoin’s store of value case remains intact despite weak inflows: Bernstein

Bitcoin has attracted about $12 billion in combined inflows from exchange-traded funds and corporate treasury buyers in 2026, even as ETF investors pulled a net $2.6 billion from the market, according to Bernstein.

Bernstein analysts led by Gautam Chhugani said in a note to clients on Monday that treasury companies have accounted for most of Bitcoin’s (BTC) capital intake this year, contrasting with 2025 when ETFs and treasury firms together contributed roughly $60 billion in inflows.

While retail attention has largely gravitated toward artificial intelligence-related investments, the analysts argued that Bitcoin’s slower pace of capital accumulation does not undermine its long-term role as a store of value. 

Their assessment comes as Bitcoin trades well below its October 2025 peak of $126,000. According to crypto.news price data, the cryptocurrency rose about 1% over the past 24 hours to briefly trade above $63,000 early Monday.

Recent market pressure has weighed on sentiment. As previously reported, Bitcoin slipped below $60,000 last week and touched roughly $59,100 amid continued spot Bitcoin ETF outflows, Strategy’s sale of $2.5 million worth of BTC, and uncertainty tied to escalating tensions between the U.S., Israel and Iran.

Treasury demand offsets ETF selling

Looking at ownership trends, Bernstein said institutional participation continues to deepen across wealth management platforms, broker-dealers, private banks, pension funds and sovereign wealth funds.

Supporting that view, Glassnode data cited by the firm showed that 61% of Bitcoin’s circulating supply has not moved for more than one year. According to Bernstein, that figure points to a large cohort of long-term holders remaining inactive despite recent volatility.

Corporate treasury buying has emerged as the main counterweight to ETF redemptions. Bernstein highlighted Strategy as the leading contributor, noting that the company raised $7.5 billion through its STRC preferred stock product during 2026 and used the proceeds to acquire about 100,000 BTC.

The analysts added that Strategy’s bitcoin holdings, valued at approximately $53 billion, exceed the annual cash dividend obligation attached to STRC by more than 30 times.

Bernstein argued that reduced retail participation may have improved market composition. Rather than relying heavily on speculative retail demand, the analysts said Bitcoin ownership is becoming distributed across corporate treasuries, wealth platforms, pension funds and sovereign investors.

Beyond Bitcoin itself, Bernstein noted that capital has increasingly moved into digital asset infrastructure connected to real-world asset tokenization. The analysts pointed to rising activity on platforms such as Hyperliquid, where tokenized equities and commodities have recorded stronger trading volumes.

Elsewhere in the market, Bitcoin’s recovery above $63,000 coincided with technical support near its 200-week simple moving average around $62,800.

BTC/USDT price chart – June 8 | Source: crypto.news

At the same time, technical indicators remain mixed. Data cited by crypto.news showed Bitcoin’s 14-day relative strength index fell into oversold territory, while its MACD continued to point to bearish momentum, suggesting that traders have yet to confirm a lasting trend reversal.