Bitcoin and cryptocurrency-related stocks are undervalued and suitable for institutional adoption, brokerage Bernstein said in a research note on Wednesday. Bernstein noted that cryptocurrency bear marketers believe that spot bitcoin exchange-traded fund (ETF) trading is over, with most of the early allocations coming from retail investors and most institutional demand being "underlying cash and carry trades" rather than new net long positions. While this is true, we believe a bitcoin ETF will receive approval from major securities firms and large private banking platforms in Q3/Q4. "The spot bitcoin ETF was first approved in the U.S. in January, significantly broadening the channels for people to invest in the world's largest cryptocurrency.