Bernstein: As corporate buybacks and ETF 'supply tightening' intensify, Bitcoin will reach new highs. This year, the Bitcoin price narrative has fluctuated between its correlation with 'gold' and 'Nasdaq', but Bernstein analysts believe that the short-term correlation is highly misleading. The exhaustion of retail selling, the wave of corporate buybacks, and the inflow of ETF funds are the key indicators that may drive 'supply tightening' and lead to new price highs. Last week, Twenty One Capital announced an initial hoarding of 42,000 BTC (approximately $4 billion), joining companies like Strategy in the competition. Currently, about 80 companies collectively hold 700,000 BTC, accounting for 3.4% of the total supply. The U.S. spot Bitcoin ETF saw a net inflow of $3 billion last week, reaching a five-month high, with the total holdings accounting for 5.5% of Bitcoin's circulating supply. The institutional share has risen from 20% last September to 33%, with 48% held by investment advisors, reflecting asset allocation needs. Combining corporate holdings, institutional capital now controls 9% of BTC supply. If the U.S. government implements strategic reserves, it may lead sovereign nations to compete for hoarding Bitcoin. The BTC balance on exchanges has decreased from 16% at the end of 2023 to 13%, but some assets have merely shifted to ETF custodians. Bernstein analysts estimate that Bitcoin will reach approximately $200,000 by the end of 2025, $500,000 by the end of 2029, and $1,000,000 by the end of 2033, with intermittent bear markets occurring in between. $BTC