According to Odaily, brokerage firm Bernstein stated in a research report on Wednesday that Bitcoin and cryptocurrency-related stocks are undervalued and suitable for institutional adoption. Bernstein pointed out that cryptocurrency bear market theorists believe that the trading of spot Bitcoin exchange-traded funds (ETFs) has ended. Most of the early allocations came from retail investors, and the majority of institutional demand is for 'basic cash and arbitrage trading', not new net long positions.
While this is true, Bernstein believes that Bitcoin ETFs will receive approval from major securities firms and large private banking platforms in the third or fourth quarter. The spot Bitcoin ETF was first approved in the United States in January, significantly expanding the channels for people to invest in the world's largest cryptocurrency.