Bitcoin beats gold and stocks amid global uncertainty, driven by ETF inflows and Strategy buying.

Bitcoin’s Resilience Tied to Institutional Shift, Bernstein Says

Bitcoin’s strength during the latest bout of global uncertainty points to a structural change in its ownership base, according to a report from Bernstein.

The cryptocurrency climbed about 7% over the past week, while ether (ETH) advanced roughly 9%, outperforming gold and global equities as markets reacted to rising geopolitical tensions. Analysts say the performance reflects increasing institutional influence in the market.

“We see a combination of Strategy’s treasury model and ETF adoption reshaping bitcoin ownership,” analysts led by Gautam Chhugani wrote.

Strategy, which the report likens to a “bitcoin buyer of last resort,” has continued accumulating through volatility. The company recently purchased around $1.57 billion worth of BTC, extending its ongoing streak of weekly buys.

Under Executive Chairman Michael Saylor, the firm acquired 22,337 bitcoin at an average price of $70,194, bringing total holdings to 761,068 BTC at an average cost of $75,696 per coin.

The company has also expanded its preferred equity financing via its STRC offering, which provides yield linked to the Secured Overnight Financing Rate (SOFR). This approach has helped generate liquidity to support continued bitcoin accumulation.

Meanwhile, spot bitcoin ETFs have seen about $2.1 billion in inflows over the past three weeks, lifting ETF-held supply to roughly 6.1% of total bitcoin. Bernstein noted growing participation from wealth managers, pension funds, and sovereign investors.

Although retail investors have been net sellers, long-term holders remain a dominant force, with around 60% of bitcoin supply unmoved for more than a year—an indication of strong holding conviction.

Bitcoin’s recent outperformance during geopolitical stress has also revived the “digital gold” narrative. While it lagged the precious metal for much of the past year, recent gains suggest it may be starting to act as a hedge in times of global uncertainty, though opinions remain divided.

For equity investors, Bernstein added that Strategy (MSTR) offers a high-beta proxy for bitcoin exposure and is currently trading at about a 14% discount to its net asset value.

At the time of writing, bitcoin was trading near $73,900, up 4.4% on the day, while ether was up 8.4% at around $2,273.

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