Bitcoin traded around $63,000 on Monday, clawing back from a two-month low hit on June 5 as a confluence of headwinds — spot ETF outflows, macro uncertainty, and capital rotation into artificial intelligence stocks — pushed the world’s largest cryptocurrency roughly 50% below its all-time high of $126,279 reached in October 2025.
The decline has triggered familiar scenes of capitulation. Retail investors have largely stepped back, and mainstream headlines have leaned into the fear. But a growing chorus of institutional voices is pushing back hard.
In a report published Monday, analysts at Wall Street brokerage Bernstein said Bitcoin’s long-term “store of value” thesis is unchanged, even as net inflows into spot Bitcoin exchange-traded funds and corporate treasury companies have slowed to $12 billion so far in 2026, down sharply from $60 billion in 2025.
The firm attributed the bulk of selling pressure not to ETF holders, but to corporate treasury companies liquidating positions — with spot ETFs recording only about $2.6 billion in net outflows year-to-date.
“Bitcoin being boring this cycle should not be held against it,” Bernstein wrote, adding that the slowdown in retail momentum does not undermine the structural ownership case for Bitcoin.
