Bitcoin’s rebound over the past two days may mark a shift in market momentum, Bernstein analysts said, citing improving liquidity conditions, renewed demand for spot Bitcoin ETFs and a more favorable regulatory environment. Bitcoin briefly reached $79,500 on Friday before retreating to about $78,000. The analysts linked the move to the U.S. Treasury’s announcement that it would increase buybacks of long-term Treasury bonds, arguing that liquidity expansion has historically benefited Bitcoin. Ethereum outperformed Bitcoin during the rebound, which Bernstein attributed to ETH’s greater exposure to stablecoins, tokenization and real-world assets. Spot Bitcoin ETF flows have shifted from net outflows in May and June to $1.6 billion of net inflows this week, lifting assets under management above $85 billion. Strategy’s holdings have moved into more than $2 billion of unrealized profit, while its cash reserves can cover 2.8 years of dividend payments. Bernstein also said that, whether or not the CLARITY Act passes, the SEC and CFTC are expected to accelerate regulatory work covering native-token issuance, equity tokenization, perpetual futures, computing-power derivatives and prediction markets. The act is scheduled for a procedural vote on Sept. 15.