Bernstein sees AI trade, not quantum fears, behind bitcoin's (BTC) weakness
Bitcoin’s recent weakness is being driven mainly by softer capital inflows, not quantum-computing fears, according to Bernstein. The broker said bitcoin treasury firms and ETFs have attracted about $12 billion in inflows this year, down sharply from $60 billion in 2025, while spot ETFs have seen about $2.6 billion in net outflows. Most new demand is coming from corporate buyers such as Strategy, as retail investors shift toward AI-related opportunities. Bitcoin has fallen from about $82,000 in early May to around $63,000, briefly dipping below $60,000 last week, amid persistent ETF outflows and weaker risk appetite. Bernstein argued that bitcoin’s ownership base is now broader and more diversified than in earlier cycles, making it less dependent on momentum-driven retail flows. The firm said this “boring” phase does not undermine bitcoin’s long-term store-of-value case.
