PANews January 21 News, suspected “1011 Insider Whale” Garrett Jin posted on X platform that some media outlets have seriously misinterpreted Wintermute’s views. The increase in institutional participation does not signal the end of the crypto bull market, but rather marks a new phase where the market shifts from being driven by speculation to being driven by allocation. The expansion of institutional funds (especially ETF asset management scales) typically pushes asset prices higher and reduces volatility, which is a fundamental market law. Historical data shows that whether in China’s A-shares or the US stock market, after large-scale institutional entry, market structures become more stable and trend-oriented. Currently, Bitcoin and Ethereum are experiencing the same path: large-scale buying by ETFs and digital asset treasuries drives prices up, while volatility significantly decreases. This is precisely the transition from a “speculative regime” to an “allocation regime.”
The core point of Wintermute’s original report is: as institutional participation deepens, top crypto assets like BTC and ETH are transforming from speculative tools into allocatable assets. Its main observations include: institutional trading volume has far surpassed retail; meme coin trading and capital inflows have sharply declined; institutional inflows accelerated in the second half of 2025; the market crash in October last year further solidified the dominance of mainstream assets and widened their structural gap with meme coins; after the crash, retail funds also flowed back into BTC and ETH as defensive allocations. Garrett summarized that this is not the end of the bull market, but the end of the “retail-driven, high-volatility, meme-dominated” phase of mainstream crypto assets. The market is undergoing a systemic shift: from speculation to allocation, from retail sentiment-driven to institutional position-driven, from extreme volatility to institutional-level volatility. Misinterpreting this maturation process as the “end of the bull market” is a misunderstanding of market development laws.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Schwab Wealth Management opens Bitcoin and Ethereum trading: 38.9 million users enter, disrupting the crypto market landscape
Traditional finance giant Charles Schwab plans to launch “Schwab Crypto” in the second quarter of 2026, offering spot trading of Bitcoin and Ethereum to 38.9 million customers. This model will lower the investment threshold, change the previous way investors indirectly allocate to crypto assets, and meet market demand. Meanwhile, with low fees and a large customer base, Schwab may disrupt existing crypto platforms, and in the future it may also roll out stablecoin products to build a digital asset ecosystem.
GateNews7m ago
Big data is coming this Thursday: whether Bitcoin can hold $67k depends on the Fed’s signals
This week, the U.S. will release four macroeconomic data points, including the FOMC meeting minutes and CPI data, which could determine whether Bitcoin can hold the $67k level. Bitcoin is currently trading in a range around $69k, with a 23% decline year-to-date. Market sentiment is subdued, and institutional capital support is limited, resulting in weaker demand—making this a key moment in the long-versus-short battle.
GateNews10m ago
A $20 million liquidation! James Wynn shorted Bitcoin and was liquidated, leaving his account with only $900
Well-known trader James Wynn failed to short Bitcoin on the Hyperliquid platform, was forced to close the position, and suffered losses close to $20 million. Over the past two weeks, he has already been liquidated 6 times, highlighting the risks of high-leverage trading. Bitcoin has recently rebounded, driven mainly by short-seller squeeze, and the market’s total capitalization has risen to about $2.35 trillion.
GateNews12m ago
Bitcoin’s quantum challenges are ‘more social than technical’: Grayscale
The challenge to solving the quantum threat to Bitcoin could be more social than technical, according to Grayscale’s head of research, especially if the community fails to come to an agreement on certain contentious issues.
Google released a paper that shook the crypto industry on March 30,
Cointelegraph34m ago
Strategy Buys 4,871 Bitcoin at $67,718 as Corporate Accumulation Outside Strategy Collapses 99%
Strategy Inc. (Nasdaq: MSTR), the largest publicly traded corporate holder of Bitcoin, acquired 4,871 BTC for approximately $329.9 million at an average price of $67,718 per bitcoin between April 1 and April 5, 2026, purchasing well below its overall cost basis of $75,644.
CryptopulseElite55m ago
