bullishleo

On chain data shows nearly 49,000 $BTC moved from miner wallets in two days, but public disclosures suggest the transfers do not reflect broad capitulation.
Bitcoin miner outflows jumped to 28,605 BTC, worth about $1.8 billion, on Feb. 5, one of the largest single-day transfers since November 2024, as prices swung sharply during a volatile trading session.
Another 20,169 $BTC , worth about $1.4 billion, left miner-linked wallets on Feb. 6, according to data from Crypto Quant. The last comparable spike occurred on Nov. 12, 2024, when outflows reached 30,187 BTC.

The spike coincided with sharp price swings, with BTC trading at about $62,809 on Feb. 5 before rebounding to $70,544 a day later. Large miner wallet transfers during volatile sessions often draw scrutiny because they can signal potential selling pressure. 
Eight miners disclosed January figures so far: CleanSpark, Bitdeer, Hive Digital Technologies, BitFuFu, Canaan, LM Funding America, Cango and DMG Blockchain Solutions. They reported a combined production of roughly 2,377 #BTC for the month. That total is far below the 28,605 BTC transferred in a single day on Feb. 5.
Outflows likely reflect broader ecosystem flows
The scale of the Feb. 5 and Feb. 6 outflows exceeds the January production of the publicly reporting firms. 
Even combining disclosed January sales from CleanSpark, Cango and DMG, confirmed selling amounts remain a fraction of the 28,605 BTC transferred in a single day. 
However, miner outflows do not automatically equate to capitulation or immediate spot-market selling.
According to Crypto Quant, miner outflow includes transfers to exchanges as well as internal wallet movements and transfers to other entities, meaning the metric does not by itself confirm that coins were sold on the open market.
Given the scale of the transfers relative to disclosed public miner sales, the movements may reflect activity beyond large, listed firms.

Public miner disclosures show mixed treasury moves
CleanSpark reported mining 573 BTC and selling 158.63 BTC during the month, ending January with 13,513 BTC on its balance sheet. 
Cango mined 496.35 $BTC and disclosed selling 550.03 BTC, stating it would continue to sell newly mined Bitcoin to support the expansion of its artificial intelligence and inference platform.
On Feb. 9, the company sold an additional 4,451 BTC for about $305 million to partially repay a Bitcoin-collateralized loan and fund its AI pivot.
Other firms took a different approach. Canaan mined 83 BTC and increased its reserves to 1,778 BTC and 3,951 ETH. LM Funding mined 7.8 BTC and reported no sales, lifting its treasury to 364.1 BTC. 
Meanwhile, Hive used structured pledge mechanics tied to 480 BTC to preserve liquidity while maintaining operations.
While some miners report monthly production results consistently, others only report intermittently or have shifted to quarterly disclosures. 

Winter storms affect US miner hashrates
Network hashrate also fluctuated sharply in late January as severe winter storms hit parts of the United States. On Jan. 27, Bitcoin’s hashrate fell to 663 exahashes per second over two days, marking a more than 40% drop.

The temporary decline came as miners curtailed operations to stabilize regional power grids during extreme cold and surging energy demand. US-based firms reported reduced uptime, including Marathon Digital Holdings and Iren, which saw sharp short-term drops in daily production.
Blockchain.com data showed that hashrate recovered in early February after the drop during the last week of January. 
This article is my own research and opinion, if you want to perform your own action first do your own research.
#bitcoin #bullishleo

Spot Bitcoin ETFs have posted $311 million inflows this week, almost offsetting last week’s $318 million outflows, even as BTC fell 13%.
US spot Bitcoin exchange-traded funds (ETFs) extended their inflow streak to three sessions, with this week’s gains nearly offsetting last week’s outflows.
Spot $BTC ETFs recorded $166.6 million in inflows on Tuesday, bringing total inflows this week to $311.6 million, according to data from SoSoValue.
Last week, the funds saw net outflows of $318 million, marking three consecutive weeks of losses totaling more than $3 billion.

Bitcoin ETF momentum has picked up in recent sessions, despite BTC price declining 13% over the past seven days and briefly slipping below $68,000 on Tuesday.
Earlier this week, analysts observed signs of a potential trend shift across crypto exchange-traded products, noting a slowdown in the pace of selling.
Goldman trims Bitcoin ETF exposure, adds XRP and Solana ETFs
US investment bank Goldman Sachs reported yesterday that it trimmed its Bitcoin ETF exposure in the fourth quarter of 2025, according to a Form 13F filing with the Securities and Exchange Commission.
The bank specifically reduced holdings in BlackRock’s iShares Bitcoin Trust ETF (IBIT), cutting shares outstanding by 39%, from around 34 million in Q3 to 20.7 million in Q4, worth around $1 billion.

It also decreased stakes in other Bitcoin funds and companies, including Fidelity Wise Origin Bitcoin (FBTC) and Bitcoin Depot, and reduced its Ether $ETH ETF positions.
At the same time, Goldman Sachs disclosed its first-ever positions in $XRP and #solana ETFs, acquiring 6.95 million shares of XRP ETFs, worth $152 million, and 8.24 million shares of Solana ETFs, valued at $104 million.
According to SoSoValue data, spot altcoin ETFs saw modest inflows Tuesday, with Ether funds adding around $14 million, while XRP and Solana ETFs gained $3.3 million and $8.4 million, respectively.
On Thursday, Eric Balchunas, senior ETF analyst at Bloomberg, noted that the majority of Bitcoin ETF investors had held their positions despite the recent downturn, estimating that only about 6% of total assets exited the funds even as Bitcoin prices fell sharply.
He added that, although BlackRock’s IBIT saw its assets drop to $60 billion from a peak of $100 billion, the fund could remain at this level for years while still holding the record as the “all-time-fastest ETF to reach $60 billion.”
This article is my own research and knowledge, it's better to perform any action before doing your own research.
#bullishleo #etf #BTC

Franklin Templeton is letting institutions pledge tokenized money market fund shares as collateral for trading on Binance, while keeping the fund assets in off‑exchange custody.
Global investment manager Franklin Templeton announced the launch of an institutional off‑exchange collateral program with Binance that lets clients use tokenized money market fund (MMF) shares to back trading activity while the underlying assets remain in regulated custody. 
According to a Wednesday news, the framework is intended to reduce counterparty risk by reflecting collateral balances inside Binance’s trading environment, rather than moving client assets onto the exchange.
​Eligible institutions can pledge tokenized MMF shares issued via Franklin Templeton’s Benji Technology Platform as collateral for trading on Binance. 
The tokenized fund shares are held off‑exchange by Ceffu Custody, a digital asset custodian licensed and supervised in Dubai, while their collateral value is mirrored on Binance to support trading positions.​
Franklin Templeton said the model was designed to let institutions earn yield on regulated money market fund holdings while using the same assets to support digital asset trading, without giving up existing custody or regulatory protections. 
“Our off‑exchange collateral program is just that: letting clients easily put their assets to work in regulated custody while safely earning yield in new ways,” said Roger Bayston, head of digital assets at Franklin Templeton, in the release.​

The initiative builds on a strategic collaboration between Binance and Franklin Templeton announced in 2025 to develop tokenization products that combine regulated fund structures with global trading infrastructure.
Off‑exchange collateral to cut counterparty risk
​The design mirrors other tokenized real‑world asset collateral models in crypto markets. BlackRock’s BUIDL tokenized US Treasury fund, issued by Securitize, for example, is also epted as trading acccollateral on Binance, as well as other platforms, including Crypto.com and Deribit.
That model allows institutional clients to post a low-volatility, yield‑bearing instrument instead of idle stablecoins or more volatile tokens.
Other issuers and venues, including WisdomTree’s WTGXX and Ondo’s OUSG, are exploring similar models, with tokenized bond and short‑term credit funds increasingly positioned as onchain collateral in both centralized and decentralized markets.
Regulators flag cross‑border tokenization risks
Despite the trend of using tokenized MMFs as collateral, global regulators have warned that cross‑border tokenization structures can introduce new risks. 
The International Organization of Securities Commissions (IOSCO) has cautioned that tokenized instruments used across multiple jurisdictions may exploit differences between national regimes and enable regulatory arbitrage if oversight and supervisory cooperation do not keep pace.
This is article is my own research, so if you want to perform any action so first do your own research.
#bullishleo #Binance #FranklinTempleton

Bitcoin’s double-digit rebound and brief trading above $72,000 may confirm $60,000 was the bottom, but data shows top traders are refusing to open longs.
Key takeaways:
The $BTC long-to-short indicator at Binance hit a 30-day low, signaling a sharp decline in bullish leverage demand.US-listed $BTC exchange-traded funds reversed a negative trend with $516 million in net inflows following a period of heavy liquidations.
Bitcoin has fluctuated within a tight 8% range over the last four days, consolidating near $69,000 after an abrupt slide to $60,130 on Friday. Traders are currently grappling with the primary catalysts for this correction, particularly as the S&P 500 holds near record highs and gold prices have climbed 20% over a two-month period.
The uncertainty following the 52% retreat from Bitcoin’s $126,220 all-time high in October 2025 has likely prompted an ultra-skeptical stance among top traders, stoking concerns of further price declines.

Whales and market makers on Binance have steadily pared back bullish exposure since Wednesday. This shift is reflected in the long-to-short ratio, which dropped to 1.20 from 1.93. This reading represents a 30-day low for the exchange, suggesting that demand for leveraged long positions in margin and futures markets has cooled, even with BTC hitting 15-month lows.
Meanwhile, the long-to-short ratio for top traders at OKX hit 1.7 on Tuesday, a sharp reversal from its 4.3 peak on Thursday. This transition aligns with a $1 billion liquidation event in leveraged bullish BTC futures, where market participants were forced to close positions due to inadequate margin. Importantly, this specific data point reflects forced exits rather than a deliberate directional bet on further downside.
Strong ETF demand suggests Bitcoin whales are still bullish
Demand for spot Bitcoin exchange-traded funds (ETFs) serves as strong evidence that whales haven’t flipped bearish, despite recent price weakness.

Since Friday, US-listed Bitcoin ETFs have attracted $516 million in net inflows, reversing a trend from the previous three trading days. Consequently, the conditions that triggered the $2.2 billion in net outflows from Jan. 27 to Feb. 5 appear to have faded. A leading theory for that pressure pointed to an Asian fund that collapsed after leveraging ETF options positions via cheap Japanese yen funding.
Franklin Bi, a general partner at Pantera Capital, argued that a non-crypto-native trading company is the most likely culprit. He noted that a broader cross-asset margin unwind coincided with sharp corrections in metals. For instance, silver faced a staggering 45% decline in the seven days ending Feb. 5, erasing two months of gains. However, official data has yet to be released to validate this thesis.
The Bitcoin options market followed a similar trajectory, with a spike in neutral-to-bearish strategies on Thursday. Traders pivoted after Bitcoin’s price slipped below $72,000 rather than anticipating worsening conditions.

The BTC options premium put-to-call ratio at Deribit surged to 3.1 on Thursday, heavily favoring put (sell) instruments, though the indicator has since retreated to 1.7. Overall, the past two weeks have been marked by low demand for bullish positioning through BTC derivatives. While sentiment has worsened, lower leverage provides a healthier setup for sustainable price gains once the tide turns.
It remains unclear what could shift investor perception back toward $BTC , as core values like censorship resistance and strict monetary policy stay unchanged. The weak demand for Bitcoin derivatives should not be interpreted as a lack of confidence. Instead, it represents a surge in uncertainty until it becomes clear that exchanges and market makers were unaffected by the price crash.
This article is my own research and opinion, if you want to perform any action do your own research also.
#BTC #bullishleo