As bitcoin's price advances toward the $80,000 mark, Bernstein's read on what's driving this rally centers on fund flows: a rebound in inflows into U.S. spot bitcoin ETFs, which the firm sees as a key signal behind the shift in momentum.
Another figure worth putting into the same picture is Strategy's (formerly MicroStrategy) bitcoin holdings. The company, long known for aggressively buying bitcoin for its corporate balance sheet, has seen its position climb back above its average purchase cost amid the recent price recovery—meaning its on-paper bitcoin position has finally flipped from a loss back into the black.
The ETF inflow rebound and Strategy's swing back to profitability represent two distinct dynamics: one reflects institutional investors' fund flows moving in and out of the market via ETFs, the other reflects the cost structure of a single large holder. Bernstein points to both together as evidence that this bitcoin rally is being driven by liquidity.
Currently available public information does not disclose the specific dollar amount of ETF inflows, nor does it reveal Strategy's average purchase cost figure—details on both remain pending further official disclosure.
