Report: Bitcoin's New Bull Run Could Be More Sustainable, Industry's "Best Days Lie Ahead"

April 28 — The crypto market is entering a new phase of structural growth as Bitcoin hovers near the $80,000 level, with this cycle likely longer than previous ones and carrying “asymmetric upside potential,” according to a new report from research firm Bernstein. The report notes Bitcoin’s recent correction to $60,000 formed a near-term bottom, and the market is now primarily driven by institutional capital integrating with the traditional financial system. “The crypto industry’s best days are still ahead—reflected in a higher, more sustainable bull cycle,” analyst Gautam Chhugani said. On the supply side: - Roughly 60% of Bitcoin has not moved in over a year, signaling a rise in long-term holders. - Bitcoin ETFs and corporate balance sheet allocations continue to absorb supply. - The Strategy currently holds ~818,000 BTC, and its yield-generating products are attracting more traditional funds. Institutional adoption is accelerating: Firms like Morgan Stanley and Charles Schwab are expanding access to Bitcoin ETFs and spot trading, lowering barriers to entry for investors. Fundamentally: - Stablecoin supply has topped $300 billion, supported by rising real-world payment and settlement use cases. - Real World Asset (RWA) tokenization volume has hit $345 billion, up 110% year-over-year. - Platforms like Hyperliquid are boosting trading activity for on-chain stocks and commodities. The report also warns quantum computing presents a long-term potential risk to crypto security but is manageable for now, giving the industry ample time to transition to post-quantum cryptography standards.