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Crypto

Wintermute says bitcoin slump driven by U.S. institutional selling, not Strategy

Deteriorating bitcoin supply and demand began before Strategy sold, and there are still no clear signs of recovery, an analysis said. Wintermute, a crypto trading and market-making firm, pointed to U.S. institutional outflows and net withdrawals from spot bitcoin ETFs as key drivers of the recent slump. It said Strategy’s sale was small but hurt sentiment. Wintermute also cited macro headwinds and weaker AI-related stocks, and said long-term buyers were accumulating but it was too early to call a bottom.

Crypto

Circle launches cirBTC on Ethereum, targets institutional bitcoin collateral infrastructure

Circle has launched cirBTC, a bitcoin token on Ethereum backed 1:1 by native bitcoin, positioning it as a starting point for building institutional collateral infrastructure. The company said it holds the underlying bitcoin through its own entity and manages reserves separately from corporate assets, with on-chain reserve visibility. The product is designed to work with Circle Mint and USDC flows and is expected to add Arch and other chains.

Crypto

Stablecoins, ETFs, OTC seen as key crypto liquidity metrics in 2026

Liquidity has become a key variable for investment decisions as crypto market depth varies widely by asset and can dry up quickly during shocks. Daily spot volume at major exchanges is expected to exceed $100 billion in 2026, while stablecoin supply rises to $320 billion, but trading conditions remain uneven. Futures dominate overall activity, institutions account for most volume, and OTC trading grows. Stablecoins and spot bitcoin ETFs also influence flows and price impact.