arguing that recent changes in ownership structure and capital flows make the asset more resilient.

First, corporate accumulation remains an important pillar: Strategy continues to actively purchase Bitcoin even during periods of volatility, effectively acting as a stable source of demand.

Second, the emergence of structured products, such as Strategy's preferred instruments, creates new ways to generate investment income, helping to attract a broader investor base beyond traditional crypto market participants.

Third, Bernstein emphasizes the strength of Strategy's balance sheet, which is largely backed by Bitcoin assets and cash, bolstering confidence in its long-term accumulation strategy.

Fourth, Bitcoin ETFs are playing an increasingly important role, attracting more stable long-term capital from institutional investors such as asset managers, pension funds, and sovereign wealth funds.

Fifth, ownership is becoming more concentrated among long-term holders: a significant portion of the supply remains inactive for extended periods, indicating a decline in speculative activity.