The long-term store-of-value thesis for bitcoin remains unchanged despite a slower capital allocation cycle and a reduction in retail momentum this year, according to analysts at Bernstein.
The research and brokerage firm pointed to bitcoin net inflows from exchange-traded funds and treasury companies totaling about $12 billion so far in 2026, compared with roughly $60 billion in 2025, with ETFs accounting for $2.6 billion in net outflows over the same period, implying inflows have been driven by treasury companies.
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"In a market completely dominated by retail's obsession with AI, mere $2.6 billion outflows YTD are almost encouraging," the analysts led by Gautam Chhugani wrote in a note to clients on Monday. "Bitcoin being boring this cycle should not be held against it and does not take away from the long term 'store of value' thesis, in our view."
Bitcoin rose about 1% over the past 24 hours to trade above $63,000 early Monday, according to The Block’s BTC price page, but remains roughly 50% below its all-time high of $126,000 set in October last year.
