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According to Bernstein analysts, the cumulative net outflow of Bitcoin spot ETFs in 2026 is $2.6 billion, but the long-term argument for Bitcoin as a value storage asset remains unchanged. Since the beginning of this year, the combined net inflow of ETFs and corporate treasury has been approximately $12 billion (approximately $60 billion in 2025), with corporate treasury being the main driving force. Glassnode data shows that 61% of Bitcoin supply has been idle for over a year. Strategy raised $7.5 billion through STRC preferred stock products to acquire approximately 100000 bitcoins, and its $53 billion bitcoin position can cover over 30 times STRC's annual cash dividend of $1.2 billion. Analysts added that capital is shifting towards infrastructure related to the tokenization of real-world assets (RWA), with significant growth in trading volume of tokenized stocks and commodities on platforms such as Hyperliquid.