Analysis: Bitcoin outperforms gold and the stock market amid global turmoil, with ETF and Strategy increasing accumulation
According to CoinDesk, Bitcoin and Ethereum have recently outperformed gold and global stock markets, highlighting the demand for safe-haven assets amid geopolitical tensions. Wall Street brokerage Bernstein pointed out that the resilience of Bitcoin reflects a fundamental change in its ownership structure, with institutional investors dominating the market.
In terms of institutional holdings, Strategy is referred to as the "last central bank of Bitcoin," continuously buying Bitcoin during market downturns. Recently, it increased its holdings by 22,337 BTC at an average price of about $70,194 each, bringing its total holdings to 761,068 BTC, with an average cost of about $75,696. Analysts noted that Bitcoin's recent performance under geopolitical pressure has reignited discussions about its role as "digital gold."
Strategy's stock (MSTR) is currently trading at about a 14% discount to Bitcoin's net asset value, providing stock market investors with a high-beta way to participate in Bitcoin's rise. Through high-yield financing offered by the STRC product, Strategy further gained liquidity to support market purchases.
At the same time, spot Bitcoin ETFs have attracted about $2.1 billion in inflows over the past three weeks, accounting for approximately 6.1% of the total supply, with institutional investors including wealth management firms, pension funds, and sovereign investors. Retail investors have recently shown net selling, but the proportion of long-term holders remains high, with about 60% of Bitcoin not moving in a year, indicating the continued existence of its long-term value storage properties.
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