Bitcoin · U.S. Treasury · Bitcoin ETF · The Block
Bitcoin surge toward $80K points to liquidity-driven momentum shift as ETF flows rebound: Bernstein
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Bitcoin's rebound over the past two days could mark a broader shift in market momentum amid improving liquidity conditions, renewed exchange-traded fund demand, and a more supportive U.S. regulatory backdrop, according to analysts at research and brokerage firm Bernstein.
Key facts
- Strategy currently holds 840,447 BTC, bought at an average purchase price of $75,385, putting the position back in the black with an unrealized profit of over $2 billion as bitcoin trades near
- Bitcoin rose as high as $79,500 at one point on Friday before pulling back to around $78,000, extending a rally that the Bernstein analysts linked to the U.S. Treasury's intervention in longer-dated
- Outflows peaked at roughly $7 billion across May and June, equivalent to about 10% of assets under management, Bernstein noted
- Bernstein also highlighted regulatory developments as another potential source of support for the broader crypto market, arguing that greater certainty is likely with or without passage of the landmark crypto bill, the Clarity Act, which is due for a Sept
Summary
Bitcoin rose as high as $79,500 at one point on Friday before pulling back to around $78,000, extending a rally that the Bernstein analysts linked to the U.S. Treasury's intervention in longer-dated government bonds. "We are not macro experts, but we do know bitcoin historically has had a positive reaction to liquidity expansion," the analysts led by Gautam Chhugani wrote in a note to clients on Friday. The resurgence in price comes alongside a turnaround in spot bitcoin ETF flows. Strategy's balance sheet has also stabilized following a period of pressure, the analysts said.