Capital Flow

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.

U.S. non-farm employment in January significantly exceeded expectations, leading to adjustments in market expectations for Federal Reserve rate cuts, triggering volatility in global stock indices and capital inflows for hedging. Gate Index contract holdings surged, various asset trades became active, and up to 100x leverage is offered, dedicated to building a diversified contract trading system.

BlockBeats News, February 12 — Bitwise CEO Hunter Horsley stated, "One of Bitwise's wealth management clients had never allocated any assets to cryptocurrencies when they first contacted Bitwise two years ago. Today, as the market retraces, this client has invested $11 million in Bitcoin. For many investors who have yet to enter the crypto market, market retracements present an opportunity."

Due to the decline in Bitcoin prices, MicroStrategy has issued high-yield perpetual preferred stock "Stretch" to attract conservative investors and counter market volatility. Despite facing challenges in the capital markets and significant losses, Executive Chairman Saylor remains committed to the long-term Bitcoin holding strategy, aiming to stabilize market confidence.

Due to progress in congressional legislation and the US employment report exceeding expectations, the strong demand for XRP spot ETF was overshadowed, causing XRP to fall below $1.4. The market continues to react to the deadlock between TradFi and DeFi regarding stablecoin yields, with US banks resisting legislation that would allow stablecoin rewards, leading to setbacks in the Market Structure Bill. Non-farm payrolls in January increased from 48,000 to 130,000, and the unemployment rate decreased from 4.4% to 4.3%.

Goldman Sachs disclosed for the first time in its Q4 2025 13F filing that it holds over $152 million worth of XRP, through ETFs rather than direct holdings. During the same period, the firm reduced some of its BTC and ETH ETF positions, reallocating funds to XRP and Solana ETFs. Despite market volatility, the allocation increased by 15% annually.

ChainCatcher message: According to Arkham data, at 09:58, 41.61 BTC (approximately worth $2.4 million) was transferred from GSR Markets to an anonymous address (beginning with bc1qm...).

Chicago-based cryptocurrency liquidity provider and lending institution BlockFills paused customer deposits and withdrawals last week and is currently working to restore platform liquidity. The company has over 2,000 institutional clients, with trading volume expected to exceed $61.1 billion in 2025. Despite the suspension of withdrawals, customers can still open and close positions in spot and derivatives trading.