Bernstein says crypto is starting to look healthier beneath the surface, not just in price action. In a new market note, senior digital-asset analyst Gautam Chhugani said he sees “asymmetric upside” returning to the sector, pointing to stronger institutional inflows, resilient long-term holders, and the continued integration of blockchain infrastructure into mainstream finance. 

Part of that case rests on how much capital is still finding its way into the asset class even after a difficult stretch for bitcoin. Spot bitcoin ETFs have recorded about $2.7 billion in net inflows over the past three weeks and now hold roughly 6.3% of the…