According to the latest research report released by asset management firm Bitwise, Bitcoin (BTC) is entering a new market phase. The report points out that unlike the early market conditions dominated by high leverage and speculative sentiment, today’s Bitcoin market is gradually being reshaped by institutional funds and regulatory frameworks, which significantly dampens extreme price volatility.
Bitwise believes that institutional access, compliance, and the launch of spot Bitcoin ETFs are replacing the previous narratives centered around halving events and short-term speculation. This structural shift is gradually freeing Bitcoin from the label of “high-risk speculative asset” and moving it into a de-risking process. The report specifically highlights that over the past decade, Bitcoin’s rolling volatility has continuously decreased, and in 2025, its annual volatility is expected to be even lower than NVIDIA, drawing widespread attention in the market.
In Bitwise’s view, Bitcoin ETFs have become the new “market whales.” When ETF outflows occur, the market often interprets this as a risk-avoidance signal; conversely, sustained net inflows into ETFs indicate a clear increase in risk appetite for Bitcoin and the overall crypto market. This ETF-centric capital behavior is reshaping the price discovery mechanism of crypto assets.
On the data front, Bitwise disclosed that since the launch of Bitcoin spot ETFs, related products have accumulated approximately 710,777 BTC in purchases, while the new supply on the Bitcoin network during the same period was only about 363,047 BTC. The firm expects that by 2026, ETF demand for Bitcoin, Ethereum (ETH), and Solana (SOL) may overall surpass the new supply, further strengthening institutional dominance in the market.
In terms of market performance, Bitwise believes that in the current cycle, crypto-related stocks are expected to significantly outperform traditional tech stocks. Its “Crypto Innovators 30 Index” has gained a total of 585%, markedly higher than the approximately 140% increase in tech stocks.
Looking at price trends, Bitcoin is currently supported around $88,000, with a more orderly correction compared to previous cycles. When it previously dipped into the $80,000 range, the MACD briefly entered an extremely bearish zone, but the overall adjustment still demonstrated strong resilience. This further confirms Bitwise’s view: Bitcoin is gradually evolving into a more mature, lower-volatility mainstream risk asset.
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
BTC breaks through 73000 USDT, with a 24-hour increase of 0.48%
Gate News message: On April 11, according to a certain CEX price feed, BTC broke through 73,000 USDT, and is currently quoted at 73,024.4 USDT, up 0.48% over the past 24 hours.
GateNews11m ago
Bitcoin Price Update: BTC Jumps to $72,400 After March Inflation Comes in Softer Than Expected
Bitcoin moved from $72,000 to $72,400 on April 10 after March core CPI printed below expectations, giving crypto bulls a short-lived reprieve from months of sustained macro pressure.
Summary
March core CPI rose just 0.2%, below the 0.3% consensus forecast, while headline CPI climbed 0.9% on
Cryptonews59m ago
BlackRock withdrew 2,700 BTC and 30k ETH from a certain CEX
Gate News message: On April 11, according to monitoring by Onchain Lens, BlackRock withdrew 2,700 BTC (worth $196.87 million) and 30,000 ETH (worth $67.42 million) from a certain CEX.
GateNews1h ago
This 'Space Invaders' Clone Game Pays Real Bitcoin—If You're Skilled, Lucky or Rich
In brief
A new game based on the arcade classic Space Invaders will let one person earn a real Bitcoin reward.
To claim the reward ,they must destroy 10,000 BTC worth of transactions that mirror actual activity on the blockchain.
The winner will earn a 10,000 sats bounty, valued
Decrypt2h ago
DWF Labs co-founder: The current market is boring but it hasn’t gone away—there are still plenty of opportunities for builders and investors
DWF Labs co-founder Andrei Grachev said the market is currently in a “very boring” phase, with genuinely valuable activity taking place quietly. He advised investors to stay patient, wait for better timing, and noted that retail investors should respond rationally to market volatility—continue learning and staying engaged.
GateNews2h ago
BTC analyst Killa: By comparing historical cycles, BTC could see another round of downside before it establishes a true bottom
Gate News message, on April 11, BTC analyst Killa posted that when comparing all prior Bitcoin cycles, each cycle includes a final selloff that ends with a capitulation-style bottom. In this cycle, the time when the peak occurred was earlier than in previous cycles. Killa noted that if history repeats itself, BTC may still see another wave of declines before a true bottom is established.
GateNews3h ago
