Bernstein Says Bitcoin’s Stability Amid Tariff Turbulence Marks a Maturing Market

Unlike past crises that sent Bitcoin (BTC) into deep freefall, the latest market storm has only nudged it off its highs — and that’s telling, says brokerage firm Bernstein.

In a note published Tuesday, analysts at Bernstein emphasized Bitcoin’s relatively modest 26% pullback from its all-time high set less than three months ago, calling it a sign of strength.

“During previous macro shocks like the COVID crash or aggressive rate hikes, Bitcoin saw drawdowns as steep as 50% to 70%,” the firm noted. “This time, the reaction is more measured — a sign that more resilient capital is now backing the asset.”

According to Bernstein, Bitcoin’s role as “digital gold” is being reinforced by institutional adoption. The flow of capital into spot exchange-traded funds (ETFs) and corporate treasuries suggests deeper conviction among long-term holders, the analysts wrote.

But while Bitcoin holds steady, U.S.-based miners may have a tougher path ahead.

New tariffs are expected to disrupt mining equipment supply chains, increasing costs and potentially reducing hashrate — a key metric of computing power on the Bitcoin network. That could shake up the competitive landscape.

Still, larger, better-capitalized mining companies such as Riot Platforms (RIOT), IREN, Marathon Digital (MARA), and CleanSpark (CLSK) may benefit. Bernstein believes these firms are better positioned to absorb the shock, especially given their scale and integration of artificial intelligence tools.

“These players could gain market share as smaller operators struggle to adapt,” the report concluded.