Bernstein analyst Gautam Chhugani argues that the latest Bitcoin and crypto pullback looks far from a cycle peak, instead fitting into a broader multi-year trend of rising institutional participation. The analyst commented: "Bitcoin has corrected ~25% from its 2025 peak. YTD Bitcoin is down 1% but still up ~100% for the last 3 years. We believe, the current price action reflects fears stemming from the historical 4-year cycle peak pattern (2021-2025). However, we believe, institutional (and eventually sovereign) ownership of Bitcoin is a structural long-term trend and the current price action reflects a ... (full story)