Bitcoin investors have shown surprising resilience despite recent market turbulence, fueled by institutional investors and aggressive corporate treasury buyers.
Bitcoin isn’t very speculative anymore
Supporting this thesis, Bernstein analysts also noted that bitcoin’s ownership base has matured, reducing reliance on retail speculation.
In a March 16 research note seen by Bitcoin Magazine, they highlighted the growing influence of spot BTC ETFs and corporate treasury buyers such as Strategy.
The firm described Strategy as a “bitcoin central bank of last resort,” citing its aggressive accumulation model, which has added more than 66,000 BTC so far in 2026 at an average cost near $85,000. Strategy’s total holdings now exceed 761,000 BTC, valued around $56 billion.
Bernstein emphasized that institutional inflows are reshaping BTC’s ownership structure. Spot ETFs absorbed about $2.1 billion in inflows over three weeks, nearly offsetting year-to-date outflows of $460 million.
Institutional vehicles now control roughly 6.1% of BTC’s total supply, while coins inactive for over a year represent approximately 60% of circulating supply, signaling a growing base of long-term holders.
On top of this, on-chain indicators point to a late-stage bear cycle, as Lacie Zhang of Bitget Wallet explained to Bitcoin Magazine: “The convergence of on-chain indicators such as realized price and MVRV suggests Bitcoin may be entering the late stage of a typical bear cycle, a phase historically associated with long-term accumulation rather than continued capitulation.”
Despite short-term macro headwinds, the current conditions signal a strategic accumulation phase, with BTC likely fluctuating between $68,000 and $84,000 as longer-term investors position for the next cycle.
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