Capital Flow

The crypto market has been locked in a deep, prolonged winter since early 2025, but signs suggest the downturn may be closer to its end as institutional flows mask pain, retail capitulates and sentiment reaches classic late-stage extremes. Bitwise Predicts Crypto Winter Ending Soon, Setting up

Deutsche Bank released a report on Wednesday stating that the Bitcoin sell-off reflects a loss of institutional confidence rather than a market collapse. Since October, US spot ETFs have outflows of over $12 billion, with Bitcoin decoupling from gold and stocks. The Crypto Fear & Greed Index has fallen back into the extreme fear zone. Regulatory bill stagnation has reignited volatility, with 30-day volatility rising above 40%.

Bhutan sells off $22 million worth of BTC, reducing holdings from 13,295 coins to 5,700 coins, dropping to seventh place. In 2019, hydroelectric mining accumulated $765 million worth of BTC, but after the halving, costs doubled, leading to a significant decline in production. Bitcoin crashed this week, with prices once approaching the $70,000 mark.

The core team of PiCoin transferred 500 million tokens (worth $80 million), causing panic. In fact, this was an internal wallet allocation by the PI Foundation and not a sell-off. The largest unlock in history occurred in February, with 193 million tokens released, averaging 7 million per day ($1.1 million). The price dropped 25% in a month to $0.1590, with a market capitalization of $1.4 billion.

Pi Network holds at $0.1600, but the exchange inflow is 1.76 million tokens, and the core team wallet has outflowed 8.41 million tokens, indicating capital fleeing. RSI is at 39, oversold, and MACD is near the signal line. Key support is at $0.1533, with a breakdown testing $0.1327. Rebound target is $0.1920.

Amid weak Ethereum performance, BitMine holds 4,285,126 ETH with an average cost of $3,879, resulting in an unrealized loss of $6.68 billion, but Cathie Wood still bought $60 million worth of BitMine stock against the trend. BitForex founder Garret Jin was liquidated for $222 million, with ETH losing $196 million.

Whale dormant for two years, revived. 7 hours ago, bought 4,020 ETH worth $8.74 million at $2,174. Currently holds 5,122 ETH, with a cost basis of $2,269, staying flat with the current price. Vitalik transferred 705 ETH worth $1.16 million, following the usual practice of exchanging stablecoins to donate to Kanro charity. Ethereum traded at $2,274, RSI shows oversold, indicating weakening selling pressure.

Bitcoin plummeted 40.8% to $74,680, but four major indicators show it’s unlikely to fall further. U.S. Treasury yields are stable at 3.54%, futures basis is at 3% and not inverted, ETF outflows amount to only $3.2 billion, accounting for just 3%, and MicroStrategy holds $1.44 billion in cash with no liquidation risk. Oracle raises $50 billion to ease concerns over tech stocks.

Ripple supports tokenization of $280 million worth of UAE-certified diamonds on the XRPL, bridging physical assets and the digital economy. Since the launch of the XRP ETF in November 2025, there has been a cumulative inflow of $1.3 billion. On the technical side, XRP is hovering around $1.56, having lost the critical support turned resistance at $1.78. It needs to break through and recover $2.00 to reverse the trend; otherwise, it could decline to $0.70.

The simultaneous movement of 5,493 ETH by co-founder Vitalik Buterin and the forced dumping of 30,000 ETH by Trend Research amidst a \$7.6 billion paper loss for top bulls is not a simple sell-off story. It is a critical market-clearing event that separates strategic, ecosystem-focused capital from over-leveraged, speculative positioning. This divergence, occurring as Ethereum battles to reclaim its 200-week moving average near \$2,450, signals a painful but necessary maturation: the net

"Hyperunit Whale" completely crashed, the whale liquidated all Ethereum leveraged positions, incurring losses of approximately $250 million, with only $53 remaining in the account. Previously, he made a profit of $200 million from shorting before Trump's tariffs in October, then switched to long positions, building a $730 million position. This week, Ethereum plummeted to $2,400, leading to a full liquidation.

Glassnode and Coinbase Institutional jointly release the 2026 Q1 report, revealing a structural market shift after deleveraging: BTC market share approaches 59%, systemic leverage drops to 3% of the total cryptocurrency market cap, and options open interest for the first time surpasses perpetual futures.