Weekly Recap Research

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Capital Outflows Spot Bitcoin ETF Heightened Over $400 Million Reflecting Institutional Sell-Off Pressures Crypto Markets

On Thursday, the US Spot Bitcoin ETF had a net outflow of more than $410.4 million, the most notable outflow figure in several days, with major funds such as BlackRock's iShares Bitcoin Trust (IBIT) and Fidelity Wise Origin Bitcoin Fund (FBTC) being the main drivers of the selling side. The data comes at a time when Bitcoin prices adjust. It dropped below the $66,000 level, which is considered a key psychological support, and as a result, the group of ETFs faced a sixth consecutive day of outflows within the last two weeks.

The outflows reflect the portfolio adjustment behavior of institutional investors amid macroeconomic uncertainty and overall market pressures, rather than completely diminishing the role of ETF products. The outflows of more than $410 million on Thursday resulted in cumulative totals over the past two weeks approaching $1.5 billion and becoming one of the most significant. Factors that continue to put pressure on asset prices, despite the view from some analysts who point out that the extreme fear in the sentiment index may reflect an accumulating rhythm for long-term investors.

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Tether Invests in Dreamcash, Expands Perpetual Market on Hyperliquid, Uses USDT0 as Collateral

Tether announced a strategic investment in Dreamcash, an application for trading on Hyperliquid (HYPE). The funds will support the launch of 10 new Perpetual Contract Markets that use USDT0 as collateral, covering real and stock market-based assets such as the S&P 500 index, as well as Tesla, Nvidia, Google, Amazon, Meta and Commodities such as gold and silver. This approach provides USDT holders with access to the decentralized derivatives market without the need to convert assets in advance.

The collaboration between Tether, Dreamcash and Selini Capital aims to reduce barriers to access for USDT users, especially those already accustomed to holding stablecoins. USDT0 is a cross-network version that maintains a 1:1 value against USDT through a lock-and-mint mechanism, which since its launch in January 2025 has processed a total of more than $50 billion in transactions across 15 networks. In addition, the investment comes with a $200,000 per week trading promotion program to support continued liquidity and new market growth.

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Top Net flows

Capital flows in the crypto market are beginning to show signs of recovery, with the latest 7-day Net Flow data indicating that Hyperliquid had a peak inflow of around $150 million, reflecting the return of trading activity on derivatives platforms, while Ethereum had a net inflow of about $110 million, followed by Polygon PoS of around $35 million, Base around $25 million, and Injective. $20 million. The image shows that the funds began to disperse into multiple ecosystems after the market recently went through a period of severe adjustment in the previous week.

On the other hand, it also appears that capital flows out of some networks, in particular Arbitrum, which has a maximum outflow of around $300 million, while OP Mainnet has an outflow of about $40 million and Ink around $20 million. Reflecting the migration of liquidity from some Layer-2 to networks or platforms with increased activity and attractiveness, the overview therefore points out that the market is not facing. Capital outflow as a whole, but it is the period of capital turnover in search of returns in an ecosystem that is beginning to regain momentum.

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Fear & Greed Index

The Crypto Fear & Greed Index is one of the tools used to assess the outlook and sentiment of the crypto market, referring to scores ranging from 0 to 100 (0 stands for Extreme Fear or Extreme Fear and 100 stands for Extreme Greed).

During February 9—15, 2026, the crypto market atmosphere remained in a clearly cautious mood, with the Crypto Fear & Greed Index moving in the Extreme Fear zone at around 11 points, reflecting the still fragile sentiment from the market facing heavy selling during the previous period. Bitcoin price dropped from around $70,000 at the beginning of the week. It hit a low near $66,000 on February 12, before recovering and returning to the $68,000—69,000 range by the end of the week.

Even though the fear index remains low, it is beginning to see signs of a gradual return of stability, with the index rebounding from the week's low of around 6 points, back near the 10-11 range, reflecting that investor concerns are beginning to ease slightly as prices recover. However, the overall market outlook remains a recovery in the market. A cautious nature, with most investors still waiting for new positive factors to confirm a return to market equilibrium in the next phase.

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Bitcoin ETF Flow

Cash flow in the Bitcoin Spot ETF continues to move in a volatile manner, with a net inflow balance of about $144.9 million on February 9 and rising on February 10 to around $166.5 million, reflecting short-term buying back after the market began to stabilize. However, the selling force pushed back again on February 11, with net outflows. ROUGHLY $276.3 MILLION, AND CONTINUING ON FEBRUARY 12 AT A LEVEL OF ABOUT $410.2 MILLION, SHOWS INSTITUTIONAL INVESTORS CONTINUE TO EXERCISE CAUTION AND MITIGATE RISK IN THEIR PORTFOLIOS.

At the end of the week, the selling force began to slow down, with on February 13, the outflow dropped to around $15.1 million, reflecting that the market was beginning to return to more equilibrium. The picture as a whole was thus an alternating movement between inflows and outflows, while Bitcoin prices oscillated in the range of around $66,000—70,000, reflecting that the market was still in a lull, and Waiting for a new boost from institutional capital flows in the next phase

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Ethereum ETF Flow

The cash flow in the Ethereum Spot ETF continued to move in a volatile manner, with net inflows of around $57 million on February 9, and a slight increase in inflows to around $13.8 million on February 10, reflecting short-term buybacks after the market began to stabilize. However, the selling force pushed back again in the middle of the week on February 11. Net cash outflows of about $129.1 million and continuing outflows on February 12 of about $113.1 million show institutional investors are still cautiously downplaying market risks.

At the end of the week, the selling force began to slow down, with on February 13, outflows dropped to around $10.2 million, reflecting that the market was beginning to enter more equilibrium. The overall picture of the week was therefore an alternating movement between inflows and outflows, as Ethereum price adjusted in line with the direction of the overall crypto market and investors continued to wait for new support factors to confirm the direction. Recovery in the next phase

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Important news:

CME-backed crypto lender Blockfills stops withdrawals, Jang is solving liquidity problems

US conference on stablecoin ends inconclusive as BlackRock moves ahead with Uniswap integration for on-chain trading

ZeroLend announced its closure

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Source:

https://www.theblock.co/post/389111/hyperliquids-permissionless-perps-5-2-billion-daily-volume-metals-record-activity

https://blockworks.com/analytics/hyperliquid

https://intel.arkm.com/explorer/entity/blackrock

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Note: This analysis is provided every Monday, so some articles may have data discrepancies.

Nota: Questo analisi è situato ogni monday, quindi alcuni parti del articolo possono contengono informazioni inaccurati

WARNING: CRYPTOCURRENCIES AND DIGITAL TOKENS ARE HIGHLY RISKY. YOU MAY LOSE YOUR ENTIRE INVESTMENT. PLEASE STUDY AND INVEST ACCORDING TO THE ACCEPTABLE LEVEL OF RISK.

Thank you for following.

J.P. Daniel