Bernstein said bitcoin's increasingly diversified ownership base supports its long-term store-of-value thesis. Bernstein noted that bitcoin exchange-traded fund (ETF) flows have weakened in 2026 as retail investors flock to AI-related assets. ETF outflows totaled $2.6 billion this year, which the broker views as relatively modest given AI's dominance in markets. A broader investor base spanning ETFs, corporates, wealth platforms and institutions has created a healthier market structur…
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