After a record year in 2025, bitcoin is going through a phase of turbulence. According to an exclusive report from Bernstein analysts published this Monday, financial flows to the queen of cryptocurrencies have come to a sudden halt. But contrary to rumors, this deflation is linked neither to quantum computing nor to a technical flaw. The culprit is much more attractive: artificial intelligence (AI).
In brief
- Flows to bitcoin slow down sharply in 2026.
- Bernstein attributes this trend to the rise of artificial intelligence.
- Companies are gradually replacing retail investors as the main driver of demand.
Where has bitcoin money gone in 2026?
The figures revealed by Wall Street are clear. In 2026, the combined investments in Bitcoin ETFs and crypto treasury businesses are worth around $12 billion. A paltry amount compared to the $60 billion recorded last year. Worse still, spot Bitcoin ETFs show a net outflow of $2.6 billion on a total asset base of $75 billion.
Bernstein states it bluntly: retail investors are no longer looking to ride the bitcoin wave. They are pursuing AI opportunities, seen as more explosive in the short term. These analysts even believe that the relative modesty of outflows from ETFs is actually encouraging. According to them, this means that holding bitcoin becomes less dependent on retail flows driven by momentum.
The boring cycle: maturity rather than crisis
Certainly, the bitcoin price currently hovering around $62,600. Bernstein maintains, however, that this lull is healthy. According to these crypto experts, the decline in speculative excitement is giving way to much deeper and more robust adoption.
The proof: the basis ofBTC investors has expanded considerably. In the list are:
- ETFs;
- corporate treasuries;
- wealth management platforms;
- pension funds;
- sovereign investors.
Bernstein especially highlights the corporate demand led by Strategy (MSTR). Today it represents the main source of new flow to bitcoin. The bank even considers that this diversification of capital strengthens the thesis of bitcoin as a long-term store of value.
In any case, Bernstein's analysis sends a clear signal: bitcoin is not in structural crisis. The flagship crypto is simply overshadowed by the excitement around AI. The real question is not whether BTC is dead. It's about how long investors can ignore an asset that is silently rebuilding its fundamentals.
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