The market landscape at the beginning of 2026 may see an interesting shift—hot money from gold and stock markets is quietly flowing into Bitcoin, and institutional investors have already started to position themselves early.

It seems that Bitcoin ETFs have recently been experiencing outflows, and that is a fact. But looking closely at the details reveals something interesting: in the past week, the minting volume of USDT and USDC reached $3.7 billion, a figure that far exceeds the ETF outflows.

Let's do some calculations from a different perspective. The highest scale of ETFs was once $140 billion. Bitcoin has fallen from 126,000 to the current level. With a 29% decline, the ETF scale should theoretically shrink to around $994 billion. But in reality? It is now $1.22 trillion.

What does this indicate? From the peak to the present, ETFs have actually been continuously flowing in, rather than out as the outside world claims. The large-scale minting of stablecoins combined with the implicit inflow of ETFs is a clear signal.