Despite near-term bearish sentiment, the structural adoption cycle remains intact and crypto would become the primary “Trump trade” if election sentiment shifts more Republican, according to analysts at research and brokerage firm Bernstein.

“After months of Bitcoin ETF euphoria, the market suddenly feels bearish,” Gautam Chhugani and Mahika Sapra wrote in a note to clients on Monday. The analysts cited two primary arguments for this related to recent spot Bitcoin exchange-traded funds outflows and the prospect of a potentially disappointing spot Ethereum ETF launch.

The spot Bitcoin ETFs have witnessed substantial success overall, generating more than $14 billion worth of net inflows combined since their launch in January — the principal catalyst behind bitcoin’s 75% rise in the first …