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
Data: Within two months after a major shock, Bitcoin’s performance has broadly outperformed gold and the S&P 500 index
Gate News message, April 5, according to data, within the two months after major global shock events, Bitcoin generally performed better than gold and the S&P 500 index (a U.S. stock market benchmark index). In specific data, after the Trump administration announced large-scale tariff measures in April 2025, Bitcoin rose 24% in the following 60 days, gold rose 8%, and the S&P 500 rose 4%. In early March 2020, when the COVID-19 pandemic broke out, Bitcoin also rose 21%, outperforming gold and the S&P 500 index.
GateNews1h ago
Bitcoin shorts risk $2.5 billion liquidation at $72K: Are bears in danger?
Key takeaways:
Bitcoin hitting $72,000 would liquidate $2.5 billion in shorts, potentially crushing bears who are overleveraged.
Iran's war and high oil prices currently pressure BTC, but a ceasefire or ETF inflows could spark a rapid recovery.
$2.5 billion in shorts at risk if BTC
Cointelegraph2h ago
Charles Schwab will pilot direct trading services for Bitcoin and Ethereum in the second quarter
Charles Schwab Wealth Management announced that its subsidiary will provide direct trading services for Bitcoin and Ethereum via Schwab Crypto accounts, with plans to test and launch in 2026. A waiting list is now open, but external cryptocurrency deposits or withdrawals are not supported.
GateNews2h ago
Bitcoin tends to outperform gold and stocks after global shocks, Mercado Bitcoin finds
According to a study from Mercado Bitcoin, Bitcoin outperformed gold and the S&P 500 in the aftermath of major global crises, displaying stronger returns during economic shocks. Despite its volatility, it has shown resilience and growth during turbulent times.
CoinDesk7h ago
BTC Consolidates At $67,105 As Renewed Whale Accumulation Sparks Bitcoin Breakout Hopes
Bitcoin (BTC) is attracting serious attention from big investors, according to a market observation disclosed today by analyst Ali Martinez. The analyst shared data on X, revealing that whales have accumulated a total of 10,000 BTC over the past 72 hours, a clear signal that high-net-worth investors
BlockChainReporter7h ago
Jimmy Song explains why Bitcoin needs a 'conservative' node client
The Bitcoin (BTC) network needs a “conservative” Bitcoin client node software implementation to preserve its monetary properties and strengthen network decentralization, according to Jimmy Song, co-founder of ProductionReady, a non-profit organization funding open source Bitcoin node software
Cointelegraph8h ago
