Bitcoin Is 'Boring' AI-Hungry Retail Investors, But Bernstein Still Sees $150K This Year
Bitcoin is down about 27% in 2026 as capital inflows weaken and retail traders rotate into AI stocks. Bernstein argues the slump reflects maturation, not decline: Bitcoin’s investor base is becoming more institutional, with pension funds, sovereign wealth funds, and corporate treasury buyers replacing speculative retail demand. Year-to-date inflows from ETFs and corporate buyers have fallen to about $12 billion from $60 billion in 2025, and Bitcoin ETFs have seen $2.6 billion in net outflows. Despite the pullback, major holders are still accumulating. Strategy added about 100,000 BTC this year and now owns more than 845,000 BTC. Bernstein also notes that many miners are shifting toward AI data centers. Even with Bitcoin near $63,000 and far below its peak, Bernstein kept its $150,000 year-end target, saying Bitcoin’s “boring” cycle supports the long-term store-of-value case.
