Suehyeon Lee

With a slate of large-scale token unlocks on the horizon, some warn that supply overhang in the crypto market could intensify again in the near term. According to data from Tokenomist cited by Wu Blockchain on the 19th (local time), multiple one-off large token unlocks (exceeding $5 million) are scheduled over the next seven days. Tokens included are Bitget Token (BGB), LayerZero (ZRO), River (RIVER), Plume (PLUME), Humanity Protocol (H), UDS (UDS), Plasma (XPL), MultiBank Group (MBG), SoSoValue (SOSO), SOON (SOON), and Anime (ANIME). Over the same period, linear token unlocks exceeding $1 million per day are also expected to continue. Key tokens include Rain (RAIN), Solana (SOL), River (RIVER), Official Trump (TRUMP), Worldcoin (WLD), Dogecoin (DOGE), Avalanche (AVAX), and Aster (ASTER). Because linear unlocks continuously add new supply to the market over a set period, they can act as a cap on prices. The total unlock amount over the next seven days, combining both one-off and linear unlocks, was tallied at more than roughly $1.054 billion. Market participants note that one-off unlocks can amplify short-term volatility, while linear unlocks can translate into medium-term supply pressure—suggesting vigilance is warranted over supply-demand dynamics in major altcoins.

Bitcoin (BTC) turned weaker early in the week as a rebound that had been driven mainly by derivatives lost momentum. With spot demand failing to provide clear support, leveraged positions were unwound, widening volatility. On the 19th (local time), CoinDesk reported that “Bitcoin is trading around $92,500, down about 3%, retreating from an attempt to push into the mid-$95,000 range,” adding that “the futures-market-led advance appears to have lost steam.” The derivatives market also saw large-scale liquidations. According to CoinGlass data, about $680 million in crypto positions were liquidated over the past 24 hours, of which roughly $600 million came from long positions—evidence that bullish positioning had become crowded during the rebound. Altcoins broadly came under pressure as well. Solana (SOL) fell 6.7%, while Sui (SUI) and Zcash (ZEC) each slid around 10%. Gold, meanwhile, rose 1.7% to $4,600 per ounce on the back of geopolitical and trade risks. The move was seen as a boost to safe-haven demand after President Donald Trump said he would impose 10% tariffs on eight European countries including Denmark. Some analysts argue the rebound itself was driven not by spot accumulation but by derivatives flows. In its weekly report, Glassnode said Bitcoin’s move toward $96,000 was “the result of ‘mechanical’ buying flows such as short liquidations in the futures market, rather than spot demand.” It warned that in an environment of thin futures liquidity, prices could retrace quickly once forced buying pressure fades, and noted that long-term holder supply accumulated near cycle highs has repeatedly capped the upside of the recent rebound. CryptoQuant offered a more conservative read. It framed the advance since late November as a potential “bear-market rally” rather than the start of a new trend, pointing to Bitcoin’s position below its 365-day moving average—around $101,000—as a “regime boundary.” Spot demand has improved slightly but remains subdued, it said, while inflows into U.S. spot Bitcoin exchange-traded funds (ETFs) are also limited. Still, some signs of stabilization are emerging. Glassnode said long-term holder distribution has clearly slowed compared with late 2025, and that net spot buying has strengthened on major exchanges such as Binance, while Coinbase-led selling has eased. In the options market, near-term implied volatility is low, but demand for downside protection is reflected in medium- to long-dated contracts, indicating persistent caution. The overall assessment is that until spot demand clearly rebounds, Bitcoin will remain sensitive to shifts in leverage and liquidity.

A growing view holds that the next phase of the crypto (virtual asset) market will be driven not by politics but by structural forces. According to CoinDesk on the 19th (local time), Yat Siu, co-founder and chairman of Animoca Brands, said in an interview in Hong Kong that “Trump is clearly a positive given his pro-crypto stance, but he has never made our industry a top priority,” adding that “the next stage of crypto will be led by structure, not politics.” He said this reflects how last year’s market momentum was shown to have depended excessively on expectations rather than fundamentals. Siu pointed to the steady presence of institutional capital as the core of the structural shift. He argued that market mechanics are changing as large investors move beyond trading that reacts to election cycles or headlines and incorporate crypto as a long-term asset class. In this process, Bitcoin (BTC) is seen shifting toward a reserve-asset role, while altcoins are entering a phase in which they must prove real utility. “Bitcoin functions similarly to gold. As a result, altcoins become part of the productive economy,” he said. Another pillar is convergence with artificial intelligence (AI). Siu said crypto and AI are not competing but are combining at the infrastructure level. He explained that blockchain becomes the “rails” that provide the trust and sovereignty required for autonomously operating AI agents, and that for many users, meaningful exposure to AI is more likely to come through crypto than through traditional equities.

Bitcoin has rebounded after forming a peak in 2025, but a warning has emerged that it could enter a large-scale correction phase over the medium to long term. On the 19th (local time), Mike McGlone, a strategist at Bloomberg Intelligence, raised the prospect of medium- to long-term downside for Bitcoin (BTC), saying, “A failed advance in 2025 could imply a cautious short (downside bet) scenario in 2026.” He noted that while Bitcoin slipped below its 200-day moving average and then rebounded in early 2026, he interprets this not as a “bullish recovery” but as a “prove-strength” phase. McGlone said that Bitcoin has led the broad liquidity rally in risk assets since its launch in 2009, but its inability to break above and hold beyond $100,000 could signal the cycle’s end-game. He added, “If normal mean reversion follows an excessive run-up, a return to the $10,000 level cannot be ruled out.” He particularly stressed that Bitcoin’s risk-adjusted returns have been weak since 2021. Taken together—hype, an effectively unconstrained crypto supply structure, and annual chart patterns—a correction to around $50,000 within this year would be a typical pullback often seen in “overextended assets,” he said. McGlone argued that further gains in Bitcoin would require a recovery in the equity market. “Bitcoin and gold have delivered meaningful alpha over the past decade or so, but crypto surged excessively last year,” he said, adding that “metals (precious metals) could instead form a relative peak this year.” Depending on how things unfold, Bitcoin and other crypto assets could face downward pressure. He concluded by suggesting that in a “post-inflation” phase, Bitcoin could serve as a leading indicator for gauging deflationary trends. Some interpret this as indicating that Bitcoin is no longer merely a risk asset, but is shifting into an asset that responds sensitively to changes in the macro environment.

An analysis suggests that in the Bitcoin (BTC) market, mid-sized whales are driving market liquidity, while large and mega whales have sharply scaled back their activity. On the 18th (local time), CryptoQuant contributor Arab Chain wrote that “looking at Binance’s Bitcoin deposit flows by holding size, the so-called ‘mid-sized whale’ group holding 100–1,000 BTC remains the most active cohort.” Based on exchange deposits, they are considered the tier with the greatest impact on the market and are viewed as an important indicator for gauging short- to mid-term market direction. Mid-sized whales tend to be more flexible in decision-making and actively supply liquidity during volatile periods. Their continued inflows to exchanges suggest that the market is not in a full watch-and-wait phase, but is still seeing limited turnover. By contrast, movements by large whales holding 1,000–10,000 BTC have slowed markedly. Exchange deposits, which totaled about 13,542 BTC in December last year, plunged to around 2,500 BTC in January this year. Arab Chain assessed that “this shows large whales are taking a more conservative stance, holding assets off-exchange rather than engaging in short-term trading.” In particular, exchange deposit flows from the mega-whale group holding 10,000 BTC or more were scarcely observed. This is interpreted as a signal that institutional-scale investors or ultra-large wallets are avoiding short-term risk or maintaining conviction in long-term holding. Overall, the current Bitcoin market appears to be structured around liquidity led by mid-sized whales in the 100–1,000 BTC range rather than capital from large whales—a pattern often seen historically during stable stretches of a correction phase or in accumulation phases.

As Bitcoin fell below the $93,000 level, a wave of large-scale forced liquidations hit the derivatives market. According to Watcher.Guru on the 19th (local time), roughly $525 million worth of long (buy) positions were liquidated across the crypto market over the past 60 minutes. As the price of Bitcoin (BTC) dropped below $93,000—widely regarded as a key support level—cascading liquidations appear to have been triggered, particularly among high-leverage positions. Market participants largely view the move not as a shift in fundamentals but as a structural response in the derivatives market to a short-term technical breakdown. With prices having traded in a tight range recently, an expansion in volatility is seen as having quickly flushed out leveraged positions.

With Bitcoin price action remaining range-bound in recent weeks, accumulation by mid- to large-scale holders has surged to its strongest level since the 2022 FTX collapse. According to Glassnode data cited by CoinDesk on the 19th (local time), so-called mid- to large-size wallets holding 10 to 1,000 BTC were net buyers of about 110,000 BTC over the past 30 days. This marks the largest monthly increase since late 2022, when Bitcoin fell to the $15,000 range. The accumulation came even as Bitcoin (BTC) showed no clear directional trend. Bitcoin is currently about 25% below the all-time high set in October last year, but is trading roughly 15% above the November low around $80,000. The cohort—comprising high-net-worth individuals, trading desks and some institutional-grade investors—has seen its Bitcoin holdings rise from about 6.4 million BTC two months ago to nearly 6.6 million BTC, according to the data. Moves by smaller holders also stood out. Retail investors holding less than 1 BTC have added more than 13,000 BTC in recent weeks—the biggest increase since November 2023—bringing the group’s total holdings to around 1.4 million BTC. Markets are focusing on the fact that both mid- to large-scale holders and small investors are buying simultaneously. This suggests a growing number of participants view current levels as “undervalued,” regardless of short-term volatility, and indicates that dip-buying demand is broadening across the Bitcoin market.

Bitcoin (BTC) is trading lower after giving up the $94,000 level. As of 8:45 a.m. KST on the 19th, Bitcoin was trading at $93,804.01, down 1.27% from the previous day, according to CoinMarketCap. On Upbit’s KRW market, it was trading at 139,292,000 won, down 0.88% from the previous day. Major altcoins, including Ethereum (ETH), are also in the red. Ethereum was trading at $3,293.93, down 0.35% from the previous day on CoinMarketCap, while XRP (XRP) was at $2, down 2.7% day-on-day. Solana (SOL) was also trading at $139.47 on CoinMarketCap, down 2.95% from the previous day.

The Ethereum (ETH) network has entered an unusual phase in which it is processing record-high transaction volumes while user costs have fallen to historic lows. According to The Block on the 18th (local time), Ethereum’s seven-day moving average transaction count neared about 2.5 million, setting an all-time high. That is nearly double the level a year ago, marking a sharp reversal from the gradual downtrend that had persisted since mid-2025, which flipped abruptly around mid-December last year. As activity picked up, fees fell sharply. The Block’s data show the average gas fee at around $0.15, the lowest level in Ethereum’s modern history. Etherscan data indicate swap transaction fees also declined to roughly $0.04 on average. The shift is seen as meaningfully alleviating Ethereum’s long-criticized structural constraint—fee spikes during periods of heavy congestion. The change gained momentum following the Fusaka upgrade. The upgrade introduced “Peer Data Availability Sampling (PeerDAS)” and marked the start of a twice-yearly regular upgrade schedule. Then, via the “Blob Parameters Only” fork applied on January 8, the blob target was raised to 14 and the maximum to 21, significantly reducing data costs for Layer 2 rollups. At the same time, the mainnet block gas limit was expanded from 45 million in November last year to 60 million, easing mainnet congestion even as overall activity increased. The rise in network activity is also coinciding with broader stablecoin usage. In a recent report, Standard Chartered said, “Stablecoin transfers account for about 35–40% of all Ethereum transactions,” calling 2026 “the year of Ethereum.” Staking has also reached record levels, with roughly 36 million ETH currently staked—about 30% of the circulating supply—and the queue of new entrants has climbed to its highest level since 2023.

<Lee Soo-hyun’s Coin Radar> is a weekly column that tracks trends in the digital-asset (cryptocurrency) market and explains what’s driving them. Going beyond a simple listing of prices, it offers a multifaceted analysis of global macro issues and investor behavior, providing insights to gauge the market’s direction. Major coins 1. Bitcoin (BTC) Bitcoin climbed steadily this week, briefly touching the $97,000 level on the 15th (local time), and as of the 16th it is still holding relatively steady around $95,000 on CoinMarketCap. The immediate catalyst for the rebound was the U.S. December Consumer Price Index (CPI). Headline CPI rose 2.7% year on year, in line with market expectations, while core CPI came in at 2.6%, slightly below the forecast (2.7%). With inflation data not worse than expected, the dollar and U.S. Treasury yields stabilized, and that backdrop supported risk assets broadly. Stronger-than-feared inflation data did not so much create conditions for the Fed to cut rates immediately as it helped to tamp down concerns about additional tightening. Markets are treating a hold at the January FOMC as all but a given, with attention shifting to the possibility of cuts in the second half of the year. According to the CME FedWatch Tool, the probability of a January hold topped 97%, while the likelihood of at least a 25bp cut after June was priced at roughly 70%. Some interpreted President Donald Trump’s public remarks as also influencing sentiment. Immediately after the CPI release, Trump said, “The inflation numbers are great, which means Powell should be cutting interest rates meaningfully,” ratcheting up pressure and continuing calls for Chair Powell to step down. Signals also emerged that whale selling pressure has eased somewhat. According to CryptoQuant on the 15th, whale Bitcoin deposits to Binance totaled about 15,800 BTC since early 2026, sharply down from 37,000 BTC in December last year. Whales also accounted for around 20% of total inflows, a historically mid-range level. With prices trading steadily in the $90,000s, whales likely had less incentive to rush to offload holdings. Policy uncertainty, however, remains. A markup vote on a U.S. Senate Banking Committee bill on digital-asset market structure—dubbed the “CLARITY Act.”—scheduled for the 15th was postponed. Industry pushback grew after a draft was released, and Brian Armstrong, CEO of Coinbase, withdrew support, saying there were “too many issues,” which proved decisive. The committee abruptly delayed the markup, creating an unavoidable gap in the timeline. Still, with major companies and organizations urging review to resume, discussion could restart later this month in conjunction with the Agriculture Committee’s schedule. Near-term price action hinges on whether Bitcoin can establish $95,000 as firm support. Tony Sycamore, an analyst at IG Australia, said, “If it can secure the $95,000 area, a retest of $100,000 is possible, and there could also be scope up to the $106,000 range where the 200-day moving average sits.” Glassnode pointed to around $98,300—the average cost basis for short-term holders—as a key resistance level. Depending on whether Bitcoin can settle above that zone with volume, analysts say this rebound could either remain a technical recovery or develop into a trend-driven advance. 2. Ethereum (ETH) Ethereum also had a solid week. It maintained a gradual uptrend and broke above $3,300. As of the 16th, it is hovering around $3,300 on CoinMarketCap. While the same macro backdrop as Bitcoin supported the rebound, Ethereum also stood out for simultaneous improvements in internal indicators. According to Santiment on the 14th, the number of new Ethereum wallets created recently averaged about 327,000 per day—an all-time high. Santiment said that following the “Fusaka upgrade” in December last year, the burden of network fees eased, accelerating new-user inflows. With gas fees lower, the return of retail-sized users and new participants has become more pronounced. A shift was also evident in real-world usage. The total volume of stablecoin transfers processed on the Ethereum network in Q4 last year hit a record of roughly $8 trillion. The figure is seen as evidence that Ethereum remains a core infrastructure layer in real-use areas such as payments, remittances and settlement. Staking dynamics also underpinned the move. According to digital-asset outlet The Block, the amount of staked ETH has surpassed 36 million, worth more than $118 billion. With roughly 30% of circulating supply locked up rather than available to the market, the structure could reinforce investors’ reluctance to sell. The outlet noted that “Ethereum’s 11% gain since the start of the year and its more than 8% rise over the past week are not unrelated to the increase in staking,” adding that “institutional investors are leading the trend.” One example cited was BitMine, which reportedly holds about 4.17 million ETH and has staked more than 1.25 million of it. Renewed derivatives activity and recovering leverage demand also served as catalysts. According to CryptoQuant, Ethereum open interest on Binance rose to about $8.6 billion on the 14th, the highest level since Oct. 9 last year. After large-scale liquidations in October, open interest fell sharply and then remained stagnant for a long period, but it has recently begun climbing again. Observers say this looks less like the kind of overheating seen when leverage piles up all at once, and more like a return flow in which participants rebuild positions gradually from lower levels. In other words, rather than betting on short-term price swings, more participants appear to be re-entering the market slowly with an eye on potential upside. On the outlook, some medium- to long-term bullish calls are emerging. Standard Chartered, in a January report, labeled 2026 “the year of Ethereum” and set a year-end target of $7,500. In the near term, $3,350–$3,380 is cited as key resistance. Digital-asset outlet NewsBTC said, “The $3,350 and $3,380 areas are major resistance,” adding that “a clear break above that zone could open the way to $3,400, then $3,500 and even $3,650.” Conversely, if Ethereum fails to break above $3,400, $3,300 is the first support level, and if $3,280 gives way, the possibility of a pullback toward the $3,200s is also being discussed. 3. XRP (XRP) While the broader market rebounded this week, XRP was relatively quiet. As Bitcoin and Ethereum each rose more than 7% on a weekly basis, XRP gained only about 1%, continuing to trade sideways around $2.10. As of the 16th, it is barely holding the $2 level on CoinMarketCap. Some said that after an attempted break above the $2.20 resistance failed, profit-taking emerged and the price fell back into a range. FXStreet reported that as sentiment improved on lower-than-expected U.S. core inflation, XRP rebounded to $2.19, but heavy selling near $2.20 quickly triggered a pullback. On-chain indicators also remained far from signaling overheating. According to CryptoQuant, XRP’s volume Z-score on Binance was about 0.44, only slightly above the 30-day average. That suggests there was no explosive surge in volume versus the mean, supporting the view that a lack of strong buying or selling kept the market balanced and extended the sideways move. Still, there are more constructive narratives on the demand side. According to SoSoValue data, spot XRP ETFs launched in November last year have recorded cumulative net inflows of more than $1.2 billion, with inflows on nearly every day except one. Considering that spot Bitcoin ETFs saw roughly $2.4 billion in net outflows over the same period, the XRP ETF flow is being described as unusually resilient. In other words, while price has been stagnant, regulated demand has been building. There was also news worth watching on the regulatory front. According to Eleanor Terrett, host of Crypto America, a draft of the U.S. Senate digital-asset market-structure bill includes a provision that treats tokens included as underlying assets of U.S.-exchange-listed exchange-traded funds (ETFs) and exchange-traded products (ETPs) as of Jan. 1, 2026, as “ancillary assets.” If the clause remains, some interpret it as opening the door for certain altcoins—including XRP as well as Solana (SOL), Dogecoin (DOGE) and Chainlink (LINK)—to receive regulatory treatment comparable to Bitcoin and Ethereum. However, as the Senate Banking Committee reviews and revises the bill, the language could change, leaving markets balancing optimism with caution. On price, both a near-term pullback and further upside are being discussed. Digital-asset analyst Credible Crypto said, “Resistance was confirmed three times in the highs. Depending on how things play out, a pullback to $1.77 could occur,” while adding, “If support around $2 holds, a medium-term retest of the $3 range is also on the table.” Cointelegraph likewise argued that holding $2 support is pivotal for determining the next direction. The outlet said, “XRP’s daily chart broke upward from a falling-wedge pattern on the 1st,” and added, “If $2 support holds, additional upside to $2.4 and $2.7 is possible.” Issue coin 1. Story (IP) One of the strongest movers featured in Coin Radar this week was Story. It surged 100% over three days earlier this week and at one point rose above $4. After a subsequent pullback, it is still trading around $2.50 on CoinMarketCap, up nearly 26% on the week. Story Protocol is a Layer 1 blockchain designed to handle the registration, licensing and revenue sharing of intellectual property (IP) on-chain. It has been cited as a candidate for key infrastructure in the AI era, as it enables creative works and AI training data to be managed as smart-contract-based assets. The Story token is a native token used for network fee payments and staking. The spike this week is being linked to another wave of demand for AI-themed assets. After strength in AI-related coins such as Render (RENDER) and Virtual Protocol (VIRTUAL), there were signs that related demand rotated into Story. Expectations also grew ahead of a mainnet update on the 14th, and during that process short-term buying appears to have intensified as deposit/withdrawal restrictions at exchanges such as Upbit and Bithumb overlapped. There were supply-and-demand catalysts as well: the Story Foundation said it would extend its token buyback program through February 2026 and expand the purchase size to $100 million, also helping to push prices higher. Technically, many say bullish signals remain intact, but after such a sharp short-term run-up, the risk of heightened near-term volatility is also being raised. As such, whether it can secure $2.57 or higher as stable support appears likely to be a key point for trend continuation. Lee Soo-hyun, Bloomingbit reporter shlee@bloomingbit.io

Markets focus on the next Fed chair pick Kevin Hassett, seen as “pro-Trump,” emerges as a leading contender “If Fed independence is undermined, rates could rise” “A factor adding downside pressure on Bitcoin” With US President Donald Trump saying he will announce the next chair of the Federal Reserve (Fed) “within weeks,” financial markets are turning their attention to the Fed selection process. Depending on the outcome, expectations are growing that volatility could increase across the rate path, the dollar’s direction, and risk assets more broadly. In the digital-asset (crypto) market as well, attention is focused on who becomes the next Fed chair and what that could mean for Bitcoin prices. Typically, a pro-Trump appointment is viewed as boosting expectations for easier monetary policy, but as the debate over Fed independence overlaps, a growing view is that it is hard to see it as an unambiguous positive. “A смена of Fed chair isn’t necessarily a straightforward positive for Bitcoin” Current names floated as candidates for the next Fed chair include Kevin Hassett, Director of the White House National Economic Council (NEC); former Fed governor Kevin Warsh; and Fed Governor Christopher Waller. Among them, Hassett—widely seen as the front-runner—has repeatedly argued that the Fed should have started cutting rates earlier. As President Trump has publicly criticized the high-rate stance, markets are assessing that if a pro-Trump figure leads the Fed, expectations for “aggressive rate cuts” could come back into focus. The crypto industry is also viewing Hassett’s appointment as a positive, on the logic that expectations of rate cuts and greater liquidity could be supportive for risk assets such as Bitcoin (BTC). However, Wall Street is raising caution that it is “hard to see it as purely positive.” The Financial Times (FT) reported that “as the Hassett front-runner narrative spreads, Wall Street investors are more worried about the risk of eroding Fed independence than about rate-cut expectations.” The concern is that if political pressure is reflected in Fed policy, market rates could become more unstable, hurting global financial markets. Reuters also noted that if the debate over Fed independence intensifies, investors may demand a higher risk premium for US assets such as Treasuries. In that case, even if the policy rate falls, long-term yields may not decline easily—or could even rise. Powell investigation controversy… “If Fed independence wavers, rates rise too” Uncertainty surrounding the Fed has grown further due to a recent controversy over an “investigation” targeting Fed Chair Jerome Powell. Powell said, regarding the Trump administration’s threat of criminal charges, that he has conducted monetary policy based on standards he judged to serve the public interest—not the president’s preferences. Fed officials including New York Fed President John Williams have voiced support for Powell in succession, expressing concern about any erosion of Fed independence. Jamie Dimon, CEO of JPMorgan Chase, also warned that “if political pressure is applied to the Fed, inflation and interest rates could rise.” There is also speculation that the selection timeline itself could be delayed. According to Reuters, Republican leaders in the US Senate raised concerns that the Powell-related investigation could disrupt the confirmation process for the next Fed chair nominee. In fact, Republican Sen. Thom Tillis has said he “will not agree to Fed confirmations until the Powell investigation issue is resolved.” “If real rates rise, Bitcoin faces headwinds” Against this backdrop, Bitcoin—often viewed as a risk asset—could face correction pressure. Kim Byung-joon, a researcher at DeSpread, said that “if the growth-first stance is strengthened, long-term inflation expectations could be stirred,” adding that “if the bond term premium widens, nominal and real rates could rise together.” He explained that “when real rates rise, the opportunity cost of Bitcoin, which has no interest income, increases,” and that “as Bitcoin is currently seen as a high-beta risk asset rather than a safe haven, it could face correction pressure.” He added that “if a correction starts as a result, forced liquidations could occur in a chain reaction, amplifying short-term downside pressure.” On the other hand, there is also a view that the more controversy grows over political interference in monetary policy, the more Bitcoin could be reappraised. Analysts at BitUnix said that “when questions are raised about trust in the dollar and central bank independence, decentralized assets can receive a narrative-driven premium.”

The US spot Ethereum exchange-traded fund (ETF) market posted a modest net inflow on a daily basis, but fund flows diverged by issuer, mirroring the pattern seen in Bitcoin ETFs. According to Trader T on the 13th (local time), total daily net inflows into US spot Ethereum (ETH) ETFs came to $5.27 million (about 7.8 billion won) a day earlier. While some large products saw net outflows, inflows into Grayscale-linked products offset them. By issuer, BlackRock’s ETHA recorded the largest exodus, with net outflows of $79.65 million. In contrast, Grayscale’s ETHE took in $50.67 million, and the Grayscale Mini ETH product also logged net inflows of $29.28 million, supporting the overall trend. 21Shares’ CETH likewise posted net inflows of $4.97 million. The remaining products saw no net inflows or outflows.

A draft market-structure bill for digital assets currently being discussed in the US Senate is said to include a provision that would classify certain tokens as non-ancillary assets. If finalized, the provision could open the door for major altcoins to be granted the same regulatory status as Bitcoin (BTC) and Ether (ETH). According to Eleanor Terrett, host of CryptoAmerica, the draft under discussion includes language stating that, as of Jan. 1, 2026, tokens that are included as underlying assets of exchange-traded products (ETPs, including ETFs) listed on US securities exchanges would be deemed non-ancillary assets. In that case, those tokens would not be subject to separate disclosure obligations required for other digital assets. The draft says that tokens that are listed on a national securities exchange and are a “major underlying asset” of an ETF registered under Section 6 of the Securities Exchange Act would be excluded from additional disclosure requirements. As a result, market participants interpret that XRP, Solana (SOL), Litecoin (LTC), Hedera (HBAR), Dogecoin (DOGE) and Chainlink (LINK) could be treated the same as Bitcoin (BTC) and Ether (ETH) from the bill’s effective date. The market sees that, if the provision is confirmed, some altcoins could largely move beyond disputes over whether they are securities and speed up their entry into the regulated mainstream. Still, because the document is a discussion draft rather than a finalized text, the language could change during review by the Senate Banking Committee and subsequent revisions.

The US spot Bitcoin exchange-traded fund (ETF) market swung back to net inflows a day earlier, but fund flows diverged sharply by issuer. According to Trader T on the 13th (local time), total daily net inflows into US spot Bitcoin ETFs came to $116.89 million (about 172.2 billion won) a day earlier. After a recent run of net outflows, fresh inflows have returned, which is being read as a signal of an improving near-term supply-demand balance. By issuer, flows were mixed. BlackRock’s IBIT saw net outflows of $70.44 million, while Fidelity’s FBTC drew $111.75 million, leading the overall net inflow. VanEck’s HODL also posted a $6.48 million net inflow, and Grayscale Mini BTC took in $4.85 million. The remaining products recorded no net inflows or outflows.

Despite political and legal uncertainty surrounding the chair of the U.S. Federal Reserve (Fed), the bitcoin (BTC) market is showing more of a wait-and-see stance than clear risk-off demand. According to Cointelegraph on the 13th (local time), bitcoin briefly climbed above $92,000 after reports that U.S. federal prosecutors had opened a criminal investigation into Fed Chair Jerome Powell, but it failed to extend gains and traded in the $91,000 range. Despite the political headline, investor reaction was limited. Bitcoin remains about 23% below its October 2025 peak, while gold and silver have extended their rallies, setting fresh record highs in 2026. This has also raised questions about bitcoin’s role as a “digital store of value.” Adding to the headwinds, Goldman Sachs withdrew its call for a March rate cut, citing inflation and employment data, dampening expectations for further improvement in the macro backdrop. Derivatives and spot supply-demand indicators also support the cautious view. The annualized premium on bitcoin futures has hovered around 5%—below levels typically seen as a bullish signal—and U.S. spot bitcoin exchange-traded funds (ETFs) have recorded net outflows of about $1.38 billion over the past four trading days. Based on these trends, the market sees limited scope for a strong rally toward $105,000 in the near term.

On-chain analysis suggests the market is entering a new phase as profit-taking by Bitcoin (BTC) long-term holders cools rapidly. According to Glassnode on the 13th (local time), Bitcoin (BTC) Long-Term Holders (Long-Term Holders, LTH) appear to have moved out of the heavy-selling regime that had persisted through the second half of 2025, and have sharply reduced spending since January 2026. As a result, the scale of profit-taking by long-term holders has fallen to levels seen during past shallow bear markets. Glassnode said the shift reflects a change in market psychology rather than a simple end to selling. Slower selling by long-term holders typically emerges when uncertainty is rising, and is frequently observed during mid-bull-market correction phases or the early stages of a deeper bear market. In particular, while long-term holders actively realized gains by taking advantage of price increases in the second half of 2025, the notable feature recently is that profit-taking pressure has eased quickly. This suggests that a significant portion of overhead supply may have been absorbed, while also indicating that market participants have entered a phase of re-assessing direction.