Investment research firm Bernstein reports that Bitcoin's recent market rally is primarily driven by the strengthening of long-term holder structures. Over the past week, Bitcoin rose by approximately 7%, while Ethereum increased by about 9%, outperforming gold and major stock indices. This performance is attributed to sustained capital inflows into U.S. spot Bitcoin ETFs and continued accumulation by companies like Strategy. U.S. spot Bitcoin ETFs have seen net inflows for three consecutive weeks, totaling over $2.1 billion, with year-to-date net outflows narrowing to about $460 million. Total assets under management now stand at approximately $92 billion. Glassnode data reveals that around 60% of Bitcoin's total supply has remained unmoved on-chain for over a year. Additionally, ETFs and exchanges hold about 1.6 million BTC, while publicly traded companies hold approximately 1.15 million BTC. Strategy has notably accumulated 66,231 BTC year-to-date, spending $5.6 billion at an average price of $85,000, increasing its total holdings to over 738,000 BTC.