TechFlow News, March 16: According to a Cointelegraph report, Bernstein, an investment research firm, stated in its latest research note that Bitcoin’s recent rally has been primarily driven by the continued strengthening of its long-term holder base.
Over the past week, BTC rose approximately 7%, while ETH rose about 9%, outperforming both gold and major stock indices. Bernstein attributes this performance to sustained inflows into U.S. spot Bitcoin ETFs and ongoing corporate accumulation—such as by Strategy.
Regarding fund flows, U.S. spot Bitcoin ETFs have recorded net inflows for three consecutive weeks, totaling over $2.1 billion. Year-to-date net outflows have narrowed to approximately $460 million, while total assets under management stand at roughly $92 billion.
In terms of holding structure, Glassnode data shows that around 60% of Bitcoin’s circulating supply has remained unmoved on-chain for over one year. Bitcoin Treasuries data indicates that ETFs and exchanges collectively hold approximately 1.6 million BTC, while publicly listed companies collectively hold around 1.15 million BTC.
On corporate accumulation, Strategy has acquired a cumulative total of 66,231 BTC year-to-date, spending roughly $5.6 billion at an average price of approximately $85,000 per BTC; its total holdings now exceed 738,000 BTC.
