%{{tag.tag}} {{articledata.title}} {{moment(articledata.cdate)}} @{{articledata.company.replace(" ","")}} comment Cryptoprowl / Bernstein says crypto is starting to look healthier beneath the surface, not just in price action. In a new market note, senior digital-asset analyst Gautam Chhugani said he sees “asymmetric upside” returning to the sector, pointing to stronger institutional inflows, resilient long-term holders, and the continued integration of blockchain infrastructure into mainstream finance. Part of that case rests on how much capital is still finding its way into the asset class even after a difficult stretch for bitcoin. Spot bitcoin ETFs have recorded about $2.7 billion in net inflows over the past three weeks and now hold roughly 6.3% of the total bitcoin supply, according to the note. Chhugani also highlighted Strategy’s continued accumulation through the downturn, with the company adding 142,561 BTC year-to-date at an average cost of around $78,000 while its STRC preferred product reached $7.2 billion in April month-to-date trading volume, up from $5.7 billion in March. The broader point is that crypto’s next leg may be getting built on infrastructure themes that do not rely entirely on market sentiment. Bernstein flagged stablecoin adoption and real-world asset tokenization as structural tailwinds that continue to grow even when bitcoin is well below its peak. The note said dollar-backed stablecoin supply has reached $276 billion, with USDC alone at $78 billion, while tokenized real-world assets on blockchain now total about $345 billion and are growing roughly 110% year over year. Chhugani also addressed the quantum-computing debate, calling the threat “real but manageable” and saying protocols should still have three to five years to evolve before quantum systems become cryptographically relevant for bitcoin security. That view fits the larger tone of the note. Bernstein is not arguing that the market has become risk-free. It is arguing that the cycle now looks more durable because the business lines underneath crypto — ETFs, treasury products, stablecoins, and tokenized assets — are getting stronger even when headline prices remain volatile. Bitcoin (CRYPTO: $BTC ) is currently trading at $78,086 U.S. per digital token.