TLDR Tech / Crypto
Bernstein Sees Asymmetric Upside and Structurally Longer Bull Cycle
The crypto market looks fundamentally stronger as Bitcoin approaches $80K. The recent $60K lows mark a clear trough that points to steady institutional inflows from wirehouses, corporate BTC accumulation, and growing integration of blockchain rails into real-world finance as drivers of asymmetric upside. Stablecoin supply has hit all-time highs above $300B. It is being increasingly decoupled from crypto market sentiment. Tokenized RWAs (private credit + Treasuries) are growing 110% year-over-year.
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