[DigitalToday reporter Jinju Hong] With bitcoin (BTC) nearing $80,000, an analysis said the crypto bull market could be prolonged on the back of institutional capital and expanding infrastructure.

The Block, citing a Bernstein report on April 27, said Bernstein recently assessed the low in the $60,000 range as a “clear bottom” for this cycle and suggested the market could structurally enter a longer and higher upswing.

Bernstein said it was not a simple price rebound, but a shift in market participants and the nature of capital. Analysts said, “Crypto’s best days have not yet come,” and assessed that expanding institution-led demand would be a key driver supporting the rise ahead. It focused on changes in market participants and the character of capital rather than a short-term price bounce.

In the market, channels for institutional inflows are widening rapidly. Long-term holding is strengthening through spot bitcoin exchange-traded funds (ETFs), and the fact that about 60 percent of total supply has not moved for more than 1 year was also presented as an indicator showing a supply-demand structure centred on long-term holders.

Strategy’s continued bitcoin purchases are also affecting the market. In particular, the company’s STRC perpetual preferred stock was assessed as a structure that draws in funds by touting relatively high yields and low volatility, then uses them again as funding for bitcoin purchases. Bernstein said it viewed this mechanism as creating a virtuous cycle that generates additional demand.

Expanding institutional access was also cited as an important change. With Morgan Stanley’s ETF distribution channel and Charles Schwab’s spot crypto trading platform recently opened, barriers for traditional financial investors to enter the market are falling. This is acting as a factor that broadens the investor base itself beyond short-term inflows.

Growth in stablecoins and tokenised assets was also cited as a structural change. Bernstein assessed that stablecoin adoption is increasingly separating from crypto market sentiment and price moves, and said real demand for dollar-based payment and settlement means continues. Stablecoin supply has now surpassed $300 billion, reaching a record high.

Tokenisation of real-world assets was also presented as being in an expansion phase. The market size of tokenised real-world assets, including private credit and U.S. Treasuries, was $345 billion, up 110 percent from a year earlier. Platforms such as Hyperliquid are also seeing increased activity in on-chain stock and commodity trading. This is read as a structural change showing blockchain use is moving away from relying only on periods of rising crypto prices.

This was interpreted as showing the crypto market is expanding beyond a simple speculative asset into financial infrastructure. With new use cases such as on-chain stock and commodity trading increasing, the market’s growth drivers are also assessed as gradually moving away from dependence on periods of rising prices.

Risks have not been fully resolved. Bernstein mentioned quantum computing as a long-term risk, but said the industry has secured sufficient time to shift to quantum-resistant security systems. It assessed the risk as manageable.

This assessment focuses on the thickening capital and infrastructure supporting the market rather than the bitcoin price itself. With institutional buying through ETFs, Strategy’s additional capacity to accumulate, and expansion of stablecoins and tokenised assets proceeding at the same time, it said whether structural changes persist, rather than short-term price volatility, is expected to be the key variable determining the direction of the crypto market ahead.