BlockBeats News, August 21st: A Bernstein analyst believes that the recent two-day rebound in Bitcoin may signal a shift in market momentum, driven by an improved liquidity environment, renewed ETF demand, and a more friendly regulatory outlook. Bitcoin briefly touched $79,500 on Friday before retracing to around $78,000. The analyst attributes this rebound to the U.S. Treasury's announcement of an increase in long-term bond repurchases, noting that liquidity expansion has historically benefited Bitcoin. Furthermore, Ethereum outperformed Bitcoin in this rebound, with the analyst attributing this to ETH's higher exposure in the stablecoin, tokenization, and real asset sectors.

The inflow of funds into spot Bitcoin ETFs has shifted from net outflows in May and June to a net inflow of $1.6 billion this week, bringing the AUM to over $85 billion. Strategy positions have turned into unrealized gains exceeding $2 billion, with cash reserves covering 2.8 years of dividend payments. Bernstein also mentioned that regardless of whether the highly anticipated "CLARITY Act" (set for a procedural vote on September 15th) passes, the SEC and CFTC are expected to expedite legislative processes in areas such as native token issuance, equity tokenization, perpetual contracts, hashrate derivatives, and prediction markets. (The Block)