According to Bernstein analysts, as institutional capital flows into the Bitcoin market through spot ETFs and corporate financial strategies reshape market dynamics, Bitcoin's ownership structure is becoming more stable. They point out that MicroStrategy, acting as Bitcoin's "last central bank," currently holds over 761,000 Bitcoin and has expanded its financing scale through products like its STRC securities. The spot Bitcoin ETF has attracted about $2.1 billion in capital inflows over three weeks and now controls approximately 6.1% of the total supply. Coupled with long-term holders holding about 60% of the circulating coins, these changes are enhancing Bitcoin's capital foundation.

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