Bernstein: As companies increase their holdings and ETF 'supply tightening' intensifies, Bitcoin will hit a new high According to The Block, this year's Bitcoin price narrative has fluctuated between the correlation between "gold" and "NASDAQ", but Bernstein analysts believe that the short-term correlation is highly misleading. The key indicators are the drying up of retail selling, the wave of corporate holdings, and the return of ETF funds, which may drive the "supply crunch" to record high prices.