Bernstein: Bitcoin bull market structurally extended, driven by institutional funds and demand for stablecoins.

CoinFeed reported on April 27th, citing The Block, that Bernstein analysts believe Bitcoin's recent rebound from around $60,000 to nearly $80,000 indicates a clear "bottom" in this round of decline, strengthening the fundamentals of the crypto market. The report points out that institutional channels such as Bitcoin ETFs continue to bring in funds, with approximately 60% of Bitcoin remaining untouched for over a year. Strategy has accelerated its holdings through its STRC perpetual preferred stock product, reaching 818,334 BTC. Morgan Stanley and Charles Schwab, among others, have expanded their participation by adding new Bitcoin access channels. Meanwhile, stablecoin circulation has surpassed $300 billion, and its use is decoupled from crypto price cycles, boosting the RWA (Reliable Weapon Asset) market, including tokenized government bonds and private lending, by 110% year-on-year growth. The report states that quantum computing poses a long-term risk, but anticipates sufficient time on-chain for a quantum-safe migration to be completed.