Bitcoin surge toward $80K points to liquidity-driven momentum shift as ETF flows rebound: Bernstein

Bernstein attributes Bitcoin's push toward $80K to a liquidity-driven momentum shift, noting U.S. spot ETF flows have rebounded. ETF inflows and Strategy's holdings now sitting above their average purchase price reduce forced selling and increase bid-side support. That improved liquidity profile raises the odds of sustained upside momentum absent a reversal in flows.