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
Polymarket Data: Probability of Bitcoin Exploring 45,000 USD Within the Year at 47%, Higher Than the 38% Probability of Returning to 100,000 USD
Gate News reports that on March 22, data from the prediction market Polymarket shows that the probability of Bitcoin falling to $45,000 within the year is currently 47%, higher than the 38% chance of it returning to $100,000, indicating a somewhat weaker short-term outlook. This data is based on the prediction market on its platform titled "What price will Bitcoin reach in 2026?"
GateNews24m ago
Over the past 1 hour, the entire network liquidated $183 million, with long positions accounting for over 95% of liquidations.
Gate News: On March 22nd, according to Coinglass data, the entire network experienced @1.83@ hundred million USD in contract liquidations over the past hour, with long positions liquidated at @1.74@ hundred million USD and short positions liquidated at @8.88@ million USD. By cryptocurrency type, Bitcoin contract trading liquidations reached @83.28@ million USD, and Ethereum contract trading liquidations reached @60.34@ million USD.
GateNews1h ago
BTC breaks below 70000 USDT, 24-hour decline 0.72%
Gate News reports that on March 22, market data from a certain CEX shows that BTC dropped below 70,000 USDT, currently trading at 69,995.3 USDT, with a 24-hour decline of 0.72%.
GateNews1h ago
Across the network, million in liquidations occurred in the past 1 hour, with BTC liquidations reaching @E1@ million.
Gate News, on March 22, Coinglass data shows that the total liquidation amount across the network in the past 1 hour reached $116 million, of which long positions liquidated $109 million and short positions liquidated $6.69 million. By coin type, BTC liquidations reached $44.75 million and ETH liquidations reached $42.02 million.
GateNews1h ago
Bitcoin Falls Nearly 2% in 15 Minutes, Consecutively Breaks Below $70,000 and $69,000 Levels
Gate News report: On March 21, according to market data, Bitcoin declined 1.91% in the past 15 minutes on March 22, breaking through two key levels at $70,000 and $69,000, now trading at $68,894.
GateNews1h ago
BTC drops below 69,000 USDT
Gate News bot message: Gate market data shows BTC breaking below 69000 USDT, current price 68970.8 USDT.
CryptoRadar1h ago
