Bitcoin Holds Strong as Markets Roil — Bernstein Says “This Time Is Different”
In the middle of a tariff-fueled financial storm, Bitcoin has quietly proven it’s not the same asset it once was — at least, that’s the message from Wall Street research firm Bernstein.
In a fresh report published Tuesday, the firm points to the crypto giant’s relatively mild 26% pullback from its all-time high as evidence of newfound resilience. In previous crises — think COVID panic or the 2022 rate shock — Bitcoin routinely shed 50% or more. This time? It’s holding the line.
“This muted drawdown suggests stronger hands are now in control,” wrote analyst Gautam Chhugani and his team. “Institutional demand — via ETFs and treasury allocations — is beginning to reshape Bitcoin’s profile as a macro asset.”
But not everyone in crypto is escaping unscathed. Bernstein warns that fresh tariffs are putting pressure on Bitcoin’s mining ecosystem, especially in the U.S. The result: potential disruptions to equipment supply chains and slower hashrate growth.
That said, the bigger, more tech-savvy miners — including Riot Platforms, Marathon Digital, Iris Energy, and CleanSpark — could turn adversity into opportunity. With scale, AI-driven efficiency, and established infrastructure, these players may strengthen their grip on the industry.
Bottom line? Bitcoin’s proving it’s no longer the wild card it once was — and for many on Wall Street, that’s exactly the kind of evolution they’ve been waiting for.
