According to ChainCatcher, Bernstein released a report stating that Bitcoin's performance in the third quarter will be seriously affected by macroeconomic factors and political developments.

The report noted that BTC experienced a sharp correction over the weekend and continued its plunge on Monday, which was attributed to "stock market panic" and broader economic concerns rather than cryptocurrency-specific issues.

Bernstein remains optimistic about Bitcoin's long-term prospects, saying: "We do not see any incremental negative impact on cryptocurrencies. Bitcoin's institutional adoption trend - ETF inflows and approval by large securities firms/banks remains on track."