Bernstein says bitcoin’s ‘boring cycle’ doesn’t undermine store-of-value thesis despite $2.6B ETF outflows in 2026 (opens original article in a new tab)

Bernstein analysts state that Bitcoin's long-term store-of-value thesis remains intact despite reduced retail interest and $2.6B ETF outflows in 2026, with institutional inflows and corporate treasury accumulation offsetting the decline.

• Bitcoin's store-of-value thesis remains unchanged despite slower capital allocation and reduced retail momentum in 2026.
• Institutional inflows, particularly from corporate treasuries, offset $2.6B ETF outflows, with $12B in net inflows reported in 2026.
• Bitcoin's market structure has become more diversified with increased ownership by corporate treasuries, wealth platforms, and sovereign funds.