MARKET ANALYSIS | Bitcoin Inflows Slow Sharply in 2026 as Investors Shift Toward AI, Says Leading Investment Research Firm

Capital flowing into bitcoin has slowed significantly in 2026 so far as investors increasingly favor artificial intelligence-linked stocks even as corporate treasury buyers continue accumulating the cryptocurrency, brokerage Bernstein said in a research note.

The brokerage estimates bitcoin ETF investors have withdrawn a net $2.6 billion in 2026 so far while corporate treasury firms have purchased roughly $14.6 billion worth of bitcoin, with an overall $75 billon asset base, offsetting the ETF outflows.

The slowdown marks a sharp contrast with 2025 when strong ETF demand helped propel bitcoin to record highs and fueled one of the largest institutional adoption cycles in the cryptocurrency’s history.

According to Bernstein, investors have redirected capital toward the booming artificial intelligence sector with semiconductor-focused exchange-traded funds attracting more than $21 billion of inflows in 2026 so far.

Corporate treasury companies have emerged as the primary source of bitcoin demand.

The largest buyer, software firm, Strategy, has acquired approximately 100,000 bitcoin so far this year continuing a strategy that has inspired dozens of publicly listed companies to add the cryptocurrency to their balance sheets.

The brokerage said bitcoin’s investment narrative is increasingly shifting from ETF-driven adoption to corporate balance-sheet accumulation.

The changing flow dynamics come amid a difficult year for the world’s largest cryptocurrency. Bitcoin remains well below its late-2025 peak as institutional investors reduce exposure and seek opportunities in AI-related equities and technology offerings.

Analysts at Citi recently estimated that spot bitcoin ETF flows account for roughly 45% of weekly bitcoin price movements highlighting the importance of fresh institutional demand for the asset’s near-term performance.

Bernstein said the resilience of corporate treasury buying has prevented a steeper decline in overall inflows but warned that bitcoin could face further headwinds if corporate demand slows while AI investments continue attracting a growing share of global capital.

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