Bernstein: Bitcoin ETF has seen a net outflow of 2.6 billion dollars this year, but the "boring cycle" does not change its long-term value storage attribute

Jinse Finance reported that on June 9, Bernstein analysts stated that despite a cumulative net outflow of $2.6 billion from Bitcoin spot ETFs in 2026, the long-term argument for Bitcoin as a store of value asset remains unchanged. Since the beginning of this year, the combined net inflow into ETFs and corporate treasuries has been about $12 billion (approximately $60 billion in 2025), with corporate treasuries serving as the main driving force. Glassnode data shows that 61% of the circulating Bitcoin supply has been idle for more than a year. Corporate capital accumulation is the primary force offsetting ETF liquidations, with Strategy raising $7.5 billion through the STRC preferred stock product to acquire around 100,000 Bitcoins. Its $53 billion Bitcoin position can cover STRC's annual cash dividend of $1.2 billion more than 30 times. Analysts added that while Bitcoin capital inflows have slowed, capital is shifting toward infrastructure related to real-world asset (RWA) tokenization, with platforms such as Hyperliquid seeing significant growth in trading volumes of tokenized stocks and commodities.