ChainThink report, March 16: Analysts at research and brokerage firm Bernstein stated in a recent report that Bitcoin is developing a more resilient ownership structure, driven by institutional inflows via ETFs and evolving corporate treasury strategies.

In a client report released on Monday, the analyst team led by Gautam Chhugani highlighted Bitcoin’s strong performance amid recent Middle East conflicts, outperforming traditional assets such as gold and global equity indices.

The analysts argue that the maturation of spot Bitcoin ETFs and demand from large corporate treasury buyers have reshaped Bitcoin’s investor base, reducing reliance on speculative retail capital and reinforcing its long-term prospects.

The key driver behind this shift is Strategy. Bernstein describes the firm, through its aggressive accumulation model, as acting as Bitcoin’s “last resort lender.”

The analysts note that Strategy has continued purchasing during recent market volatility, adding 66,231 BTC year-to-date with an average cost near $85,000. According to its 8-K filing submitted on Monday, Strategy now holds over 761,000 BTC, valued at approximately $5.6 billion.

Strategy has also expanded its financing structures tied to its Bitcoin strategy, including preferred securities designed to attract yield-oriented investors. The report notes that the company’s STRC product pays a 11.5% dividend, with weekly trading volume surpassing $2 billion. Funds raised through these instruments have been deployed to finance additional Bitcoin acquisitions.

Meanwhile, institutional demand flowing through spot Bitcoin ETFs is accelerating. Analysts estimate that ETFs attracted approximately $2.1 billion in inflows over the past three weeks, reducing year-to-date net outflows to about $460 million, while total ETF assets under management now stand at roughly $92 billion. According to Bernstein’s analysis, these funds currently control around 6.1% of Bitcoin’s total supply.

The report also underscores the persistent presence of long-term holders as another stabilizing force in the market. Bitcoin held for over a year with no movement currently accounts for approximately 60% of circulating supply, indicating that a substantial portion of investors view Bitcoin primarily as a store-of-value asset.

The analysts conclude that, collectively, these structural shifts are strengthening Bitcoin’s capital foundation even after periods of volatility. Currently, institutional holdings—including those via ETFs, corporate treasuries, and government entities—control approximately 14% of the total supply.