Bernstein analysts continue to look confidently towards Bitcoin — in a new note for clients, they reaffirmed their forecast for the current market cycle: $200,000 for BTC. They note that this is a 'highly confident but conservative' target.
But it's not just Bitcoin that is in the spotlight right now. In their latest report 'Digital Assets Memo', experts emphasize: financial innovations based on blockchain go far beyond mere value storage.
Yes, many still divide 'blockchain as a useful technology' and 'crypto as noise and hype', but this line is rapidly blurring. Bernstein points to the growing interest in stablecoins and tokenized financial applications, which primarily develop on public networks like Ethereum — the market leader by usage share.
A logical question from analysts: if real companies and institutions start building solutions on blockchain, does this not add value to the networks themselves (and their tokens, like ETH)?
The report also states that the current crypto cycle began with institutional adoption of Bitcoin — the launch of spot ETFs has been successful, and currently around $120 billion is managed through them. Meanwhile, the recently launched Ethereum ETFs are also gaining momentum quickly: assets under management total $9 billion, of which $815 million came in the last 20 days.
Bernstein separately emphasizes the unique role of Ethereum as a 'decentralized computer', especially suitable for cases such as stablecoins and asset tokenization. According to analysts, financial activity on the blockchain is quickly evolving — from meme coins and speculation to real infrastructure for capital markets, payments, and next-generation fintech.
Conclusion: interest in public blockchain networks is at a turning point. Investors can already feel this — and are actively entering, especially in Ethereum-based products.