Capital Flow

On March 11, CryptoQuant detected increased selling pressure from Bitcoin miners. MARA allowed the sale of Bitcoin reserves and transferred 298 BTC; Core Scientific sold 2,174 BTC. Several mining companies are selling to strengthen their balance sheets and support AI infrastructure expansion.

Gate News Report, March 11: According to Onchain Lens, a newly created wallet address withdrew 738.38 XAUT from a certain CEX, worth approximately $3.8 million.

Michael Saylor's MicroStrategy aggressively accumulates Bitcoin, holding 738,731 BTC despite market volatility. The firm's capital market strategy influences Bitcoin supply, enhancing long-term price support through consistent purchases and institutional demand.

PI token trades above $0.21 after rallying over 25% in the past 7 days as anticipation for the upcoming Pi Day on March 14 grows. PiScan recorded 3 million PI deposits to exchanges in 24 hours, suggesting near-term profit taking which could reverse the bullish trend. Pi Network’s PI token tr

Gate News Report, March 11 — According to Arkham monitoring, Antalpha recently transferred $15 million worth of XAUT to Cobo. It is reported that Antalpha previously purchased $241 million worth of XAUT at an average price of $3,693, equivalent to over 1.8 tons of physical gold bars. Currently, this investment has already yielded a profit of over $100 million.

Gate News Report, March 11 — According to BitcoinTreasuries.NET data, Strategy Company's perpetual preferred stock STRC traded with a volume of $409 million yesterday, reaching a new all-time high, with the stock price above its $100 face value. This amount of funds could be used to purchase 2,038 BTC.

Gate News reports that on March 11th, on-chain analyst @ai_9684xtpa detected that a new address withdrew 4,628 ETH from a certain CEX 15 minutes ago, worth $9.37 million, with a withdrawal price of $2,023.74.

U.S. digital asset management firm Strategy accelerates Bitcoin purchases, with daily trading volume reaching a new high of nearly $300 million, highlighting increased institutional confidence. STRC offers greater flexibility, attracting investor attention, and may become a core tool for institutional Bitcoin purchases in the future.

Bitcoin mining faces losses in 2026, prompting mining companies to pivot to AI to address market challenges. Many enterprises are liquidating Bitcoin assets and reallocating resources to AI data centers, as the profit potential of AI is highly regarded. Data shows that this shift could have a positive impact on Bitcoin's long-term supply structure, and market sentiment also indicates potential rebound signals. Although this transformation may temporarily affect hash rate growth, in the long run, it will enhance the resilience and security of the Bitcoin network.

Although Solana (SOL) has recently maintained stable prices, approximately 30 institutional investors collectively hold around $540 million in Solana ETF positions, indicating interest in long-term investment. Currently, SOL is fluctuating around $80 to $90, with $80 being a key support level. A break below could signal a drop below $64. Analysts believe that institutional capital inflows will influence SOL's future performance.

Institutional funds are flowing back into the Bitcoin market, with the US stock spot Bitcoin ETF recording a net inflow of $167 million, while investments in Ethereum and others are continuously withdrawing. The current price of Bitcoin is approximately $71,000. Analysts believe that under the influence of the macro environment and geopolitical factors, institutions prefer Bitcoin. Long-term institutional holdings are still increasing, with future target prices possibly ranging from $110,000 to $170,000. On the technical side, $72,000 is an important resistance level, and a drop below $65,000 could trigger a correction.

StableX partners with BitGo, which will be responsible for custody and operation of its crypto asset vault, supporting a stablecoin investment plan of up to $100 million. This move marks StableX's further involvement in the stablecoin market, reflecting growing institutional investor interest in the stablecoin ecosystem, and is expected to promote more investment activities in the future.

Ripple plans to apply for a financial services license in Australia through the acquisition of BC Payments to expand its cross-border payment business. Fiona Murray stated that the Australian market is important, and obtaining the license will enhance business capabilities. Ripple already holds 75 licenses worldwide and predicts that the Asia-Pacific payment transaction volume will double. Meanwhile, retail investors dominate the demand in the XRP market, ETF asset management scale remains stable, and institutional investors participate less, forming a "dual-track development" pattern between institutions and retail investors.

Gate News Report, March 11 — According to Lookonchain monitoring, a newly created wallet address "3CziMF" withdrew 2,000 BTC from a certain CEX, worth approximately $140 million.

The Bhutanese government has recently transferred another 175 Bitcoins, worth approximately $11.85 million. Throughout the year, about $42.5 million has been transferred out. The total holdings remain at 5,400 Bitcoins, approximately $374 million. Compared to the large-scale transfers last year, this move is smaller, indicating that sovereign funds are adopting a more cautious selling strategy after the Bitcoin price decline.

Ethereum network activity reaches a new all-time high, with multiple indicators showing a significant increase in daily active addresses and smart contract calls. However, ETH price has fallen about 30% over the past six months, indicating a net capital outflow. Analysis suggests that capital flows have a greater impact on price. Despite Ethereum hosting a large amount of stablecoins, its value capture has not kept pace with the growth in network usage.

Ethereum network activity reaches a record high, but ETH prices have not risen accordingly, and on-chain transaction fee revenue has not significantly increased. Transaction data shows that the correlation between on-chain activity and price has weakened, with new demand not translating into higher ETH valuation, leading to net capital outflows from the market. Stablecoins still dominate the Ethereum ecosystem, but overall economic activity is dispersed across layer 2 networks, indicating a separation between network usage and asset value capture.

On March 11, Farside Investors reported a net inflow of $246.9 million into the U.S. Bitcoin spot ETF, with BlackRock, Fidelity, and Bitwise as the main contributors. At the same time, the Ethereum spot ETF saw a net inflow of $12.6 million.

Goldman Sachs currently holds nearly $154 million in XRP ETF, making it the largest holder with about 73% of the total $211 million held by the top 30 institutions. Most XRP ETF holders do not need to report their holdings because their positions are less than $100 million, creating an "invisible" holding phenomenon that indicates a high level of institutional interest and capital inflow into the market.

XRP is still about 61% below its peak at the end of 2025, but there are three major catalysts not yet fully reflected by the market: Ripple obtaining a financial license, XRP ETF steadily attracting funds, and a significant increase in XRP Ledger transaction volume. On the technical side, XRP is trading between the $1.50 resistance level and the $1.30 support level, indicating a possible breakout.