Capital Flow

February 12 News, Fundstrat co-founder Tom Lee recently stated that after a strong rally, gold prices are approaching a cyclical high, and the market may soon see a new round of capital rotation. He believes that if risk aversion cools and risk appetite increases, some capital may re-focus on Bitcoin, thereby reigniting the discussion of "which has more long-term value, gold or Bitcoin." Looking back over the past year, the global financial environment has remained volatile, with geopolitical tensions and inflation pressures recurring, making gold the primary safe-haven choice. Data shows that gold has increased by as much as 73% this year, attracting significant institutional and retail investment. In contrast, Bitcoin has fallen about 29 during the same period, under pressure from regulatory uncertainties and profit-taking. This stark divergence has reshaped the global asset allocation landscape.

On February 12, the founder of Digital Currency Group (DCG), Barry Silbert, stated at the Bitcoin Investor Week Conference in New York that in the next few years, approximately 5%–10% of Bitcoin funds may flow into privacy-focused crypto assets represented by Zcash. He believes that Bitcoin remains the core asset, but in terms of privacy and high growth potential, privacy coins may exhibit stronger "asymmetric return" characteristics. Barry Silbert pointed out that as on-chain analysis tools become more sophisticated, the early narrative of Bitcoin as "anonymous cash" has been weakened, and transaction traceability has become a reality. He emphasized that unless there is a structural collapse of the dollar system, Bitcoin is unlikely to replicate the hundreds-fold growth potential, whereas projects focused on privacy protection and new encryption technologies could potentially offer 500x or even higher returns. He specifically mentioned Zcash and Bittensor, considering these assets more suitable for high-risk, high-reward strategic allocations.

The Ethereum spot ETF market ended two consecutive days of capital inflows, with a net outflow of $129.18 million on February 11, bringing the total net inflow to $11.75 billion. Among the main products, five ETFs including Fidelity FETH experienced net outflows, with a total transaction volume of $1.14 billion and net assets of $11.27 billion.

February 12 News, in 2026, after experiencing a week of continuous pullback, XRP prices show signs of stabilization and rebound. Over the past 24 hours, XRP has risen approximately 1.7%, trading at $1.38, still about 20% below the four-week high of $2. Meanwhile, the total market capitalization of cryptocurrencies is around $2.29 trillion, with Bitcoin hovering near $67,000. Solana, Ethereum, Dogecoin, and Cardano also experienced mild rebounds, indicating a recovery in market risk appetite. The key event driving the market sentiment is Ripple's "XRP Community Day" held from February 11 to 12. This event brought together XRP holders, developers, and institutional representatives. Executives such as Brad Garlinghouse, Monica Long, David Schwartz, and Stuart Alderoty participated in online discussions, focusing on the progress of XRP Ledger applications, cross-chain liquidity solutions, and the 2026 roadmap. Ripple also showcased new directions including regulated products, ETFs, and wrapped XRP, strengthening its position in global financial integration.

February 12 News, in 2026, Cathie Wood's Ark Invest has once again taken action by continuously increasing its holdings of crypto-related assets through multiple ETFs. According to the latest disclosures, the firm bought a total of 364,044 shares of Bullish stock on Wednesday, worth approximately $11.6 million based on the closing price of the day. This marks Ark Invest's tenth consecutive trading day of increasing its stake in this cryptocurrency platform supported by Peter Thiel, indicating a long-term optimism for digital asset infrastructure. Bullish stock previously rebounded after hitting a low of $24.90 on February 9, and has gained a total of 28.3% over the past five trading days. On Wednesday, the stock closed at $31.88, down slightly by 0.5% intraday, but the overall trend has clearly stabilized. Ark's continued accumulation is seen as a vote of confidence in its business model and industry prospects.

Ark Invest has increased its holdings in Bullish and Circle stocks again, indicating confidence in crypto assets. Bullish stock prices continue to rise, with Ark purchasing 364,044 shares through ETFs, worth approximately $11.6 million, while also increasing its stake in Circle by 75,559 shares, valued at about $4.4 million. The overall market performance remains flat, with U.S. stocks slightly down and cryptocurrencies experiencing a modest increase.

Recently, the well-known on-chain address "On-Chain Shareholder" closed a $40 million ETH/SOL short position and a $30 million on-chain gold long position. The current US stock storage sector holdings amount to $17.6 million, including Micron, SanDisk, Nvidia, and Google, which have recently been gradually increasing their on-chain stock positions.

February 12 News, as the digital asset ecosystem continues to extend into real-world assets, the tokenized commodities sector is experiencing rapid growth in 2026. The latest data shows that the total market capitalization in this field has surpassed $6 billion, setting a new record, with gold-backed tokens becoming the main driving force behind the growth. An increasing amount of capital is being allocated to precious metals through blockchain formats, providing the market with new risk hedging options. Currently, Tether's issued XAUT and Paxos's PAXG dominate most of the tokenized gold market share. XAUT's market cap has risen to approximately $3.6 billion, with a growth of over 50% in the past 30 days and nearly 200% over six months; PAXG's market cap is about $2.3 billion, with a growth of over 60% in the past three months and over 140% in six months. Together, they almost dominate the entire tokenized commodities track. In comparison, smaller products like PGOLD and XAUM are expanding but still significantly behind in scale.

BlackRock is actively exploring decentralized finance, collaborating with Uniswap Labs and Securitize to open its tokenized U.S. Treasury bond fund "BUIDL" for on-chain trading. This allows eligible investors to purchase the fund directly through UniswapX technology. This partnership marks BlackRock's first time introducing tokenized products into DeFi trading, sparking market interest and causing the Uniswap governance token UNI to rise over 20%.

Bitfury founder Val Vavilov stated that the cryptocurrency crash is a good opportunity for re-investment and believes that Bitcoin still has growth potential. He mentioned that the company has expanded from crypto mining to artificial intelligence infrastructure but did not disclose specific investment amounts or quantities.

Strategy (formerly MicroStrategy) is planning to expand its perpetual preferred stock issuance to alleviate market pressure caused by excessive volatility in common shares. The company's CEO Phong Le recently stated that preferred stock may become its core financing tool in the future, helping the company reduce reliance on dilution of common shares while continuously allocating Bitcoin. Since the beginning of this year, MSTR's stock price has fallen approximately 17%, while Bitcoin's price has dropped over 22% during the same period. In an interview with Bloomberg, Le pointed out that the sharp stock price fluctuations are highly correlated with the company's "Digital Asset Reserve Plan" and Bitcoin prices. When Bitcoin rises, the stock price often quickly increases; conversely, it tends to decline under pressure. To meet the needs of investors interested in digital assets but unwilling to bear extreme volatility, Strategy has launched a perpetual preferred stock called "Stretch."

Despite the ongoing weakness in the cryptocurrency market, ETF deployments around digital assets have not slowed down. Several asset management firms are still submitting new product applications to regulators, demonstrating that institutional long-term demand for digital asset funds remains confident. This month, Bitwise Asset Management submitted an ETF application related to Uniswap, and ProShares also plans to launch leveraged Bitcoin and Ethereum ETFs. Meanwhile, 21Shares re-submitted fund proposals based on Ondo and Sei, indicating that related projects are steadily progressing. Industry insiders believe these moves reflect issuers positioning themselves early during the market downturn, aiming to gain a first-mover advantage when sentiment recovers.

PANews February 12 News, according to Arkham monitoring, Alameda Research's bankruptcy administrator recently distributed over $15 million worth of SOL to creditors in the latest monthly allocation. A total of $15.6 million worth of SOL was transferred to 25 independent addresses, as part of a continuous distribution plan that has been ongoing for 21 months. Alameda's on-chain wallet currently still holds $314.95 million worth of SOL.

_BlackRock launches $180B Treasury-backed BUIDL token on Uniswap, buys UNI, partners with Securitize for DeFi expansion._ BlackRock has entered decentralized finance with the launch of its BUIDL token on Uniswap, marking its first DeFi initiative. It backs the token with U.S. Treasuries and la

As of February 11, the total net outflow of Ethereum spot ETFs is $129 million, with Fidelity ETF FETH experiencing the largest net outflow of $67.0874 million. BlackRock ETF ETHA net outflow is $29.4426 million. Currently, the total net asset value of Ethereum spot ETFs is $11.273 billion, with a historical total net inflow of $11.751 billion.

According to reports, Bitcoin spot ETF net outflows have reached $275.81 million. The outflows from major ETF products include $72.92 million from BlackRock and $92.60 million from Fidelity. Other products also experienced varying degrees of outflows, with only WisdomTree recording inflows of $6.78 million.

The crypto infrastructure company Zerohash, valued at $1 billion, has increased support for the Monad blockchain and USDC on Monad, aiming to expand stablecoin payments on Layer 1 networks. On Wednesday, it announced that this integration means its clients include prediction market platform Kalshi, human resources management platform Gusto, and trading platform Public.

Despite the recent continuous pullback in Bitcoin prices, enterprise-level crypto asset deployment has not slowed down. The perpetual preferred stock STRC issued by Strategy (MSTR) returned to the $100 par value range during U.S. trading hours for the first time since mid-January. This key price signal is interpreted by the market as the company's renewed ability to raise capital through the capital markets and continue increasing its Bitcoin holdings. STRC is a financing tool designed by Strategy for long-term Bitcoin acquisition. When its price approaches or exceeds par value, the company can resume the "at-the-market" (ATM) issuance model to continuously raise cash without significantly diluting common shares. The last time STRC traded above $100 was on January 16, when Bitcoin was still around $97,000. Subsequently, as Bitcoin briefly fell to the $60,000 range in early February, STRC was also dragged down to a low of $93.