According to ChainCatcher, both Bitcoin and Ethereum have recently outperformed gold and global stock markets, highlighting safe-haven demand amid geopolitical tensions. Wall Street brokerage Bernstein points out that Bitcoin's resilience reflects a fundamental shift in its ownership structure, with institutional investors dominating the market.
Regarding institutional holdings, Strategy, often referred to as "Bitcoin's last central bank," has consistently bought Bitcoin during market downturns. Recently, it increased its holdings by 22,337 BTC at approximately $70,194 per BTC, bringing its total holdings to 761,068 BTC, with an average cost of approximately $75,696. Analysts point out that Bitcoin's recent performance under geopolitical pressure has reignited discussions about it as "digital gold."
Strategy Equity (MSTR) is currently trading at approximately a 14% discount to Bitcoin's net asset value, offering equity investors a high-beta way to participate in Bitcoin's upward trend. Through high-yield financing offered by its STRC products, Strategy further secures liquidity to support market buying. Meanwhile, spot Bitcoin ETFs have attracted approximately $2.1 billion in inflows over the past three weeks, representing about 6.1% of the total supply. Institutional investors include wealth management firms, pension funds, and sovereign wealth funds. Retail investors have recently been net sellers, but the proportion of long-term holders remains high; approximately 60% of Bitcoin has not moved in the past year, indicating its continued long-term value storage properties.
