Gate News reports that on March 16, Bernstein, a research and brokerage firm, noted that in recent months, retail Bitcoin holders have experienced panic selling, but long-term holders remain steadfast. Data shows that over 60% of Bitcoin supply has not moved in more than a year. Bernstein stated that this ownership structure is unique to Bitcoin and indicates a group of long-term “believers” who are insensitive to price fluctuations and hold it as a “store of value.” This situation has occurred against the backdrop of Bitcoin significantly underperforming gold last year. Additionally, nearly 14% of Bitcoin is held by ETFs, digital asset funds (including Strategy companies), and governments. Bernstein believes that Bitcoin’s resilient capital base is expanding.
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