Bitcoin’s BTC$73,470.16 recent strength during geopolitical uncertainty reflects a fundamental shift in the asset’s ownership structure, according to Wall Street broker Bernstein.

The cryptocurrency climbed roughly 7% last week, with ether (ETH) gaining about 9%, outperforming gold and global equity indices as markets reacted to escalating global conflict. The broker said the performance highlights how institutional ownership is reshaping the market.

“We believe the combination of Strategy’s treasury model and ETFs have transformed bitcoin’s ownership structure,” analysts led by Gautam Chhugani said in the Monday report.

Strategy, which the analysts described as acting like a “bitcoin central bank of last resort,” has continued…