BlackRock’s Larry Fink Says Crypto Washout Is Over: Is Bitcoin Stabilizing?
BlackRock CEO Larry Fink calls the crypto leverage washout over as Bitcoin ETF flows turn positive. Here is the data.
Latest Bitcoin news — BTC price movements, halving cycle, ETF flows, on-chain data, and institutional adoption. Updated every 5 minutes.
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BlackRock CEO Larry Fink calls the crypto leverage washout over as Bitcoin ETF flows turn positive. Here is the data.
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Bitcoin is the world's first and largest cryptocurrency by market capitalization, representing approximately 50-55% of total crypto market cap (BTC dominance) as of 2025. Created by the pseudonymous Satoshi Nakamoto, Bitcoin introduced a solution to the "double-spend problem" — enabling digital scarcity without a trusted third party for the first time in history.
The core value proposition rests on three properties: scarcity (21 million hard cap, enforced by code); decentralization (no single entity controls the network; over 15,000 nodes globally verify transactions); and security (the Bitcoin network has never been successfully hacked in 15+ years of operation; its hash rate reached all-time highs above 700 exahashes/second in 2024). These properties have led institutions, corporations, and some sovereign governments to consider Bitcoin as a digital analog to gold.
The January 2024 approval of Bitcoin spot ETFs by the SEC was the most significant institutional event since Bitcoin's creation. BlackRock's iShares Bitcoin Trust (IBIT) surpassed $20 billion in assets in under 200 days — the fastest ETF to that milestone in history. Combined, US Bitcoin spot ETFs surpassed $50 billion AUM within their first year, creating structural institutional demand. (Source: Bloomberg Intelligence, SEC filings.)
| Halving | Date | Block Reward | BTC Price at Halving | Subsequent Cycle Peak | Peak Gain |
|---|---|---|---|---|---|
| 1st | Nov 28, 2012 | 50 → 25 BTC | ~$12 | ~$1,147 (Dec 2013) | ~+9,400% |
| 2nd | Jul 9, 2016 | 25 → 12.5 BTC | ~$650 | ~$19,783 (Dec 2017) | ~+2,900% |
| 3rd | May 11, 2020 | 12.5 → 6.25 BTC | ~$8,500 | ~$68,789 (Nov 2021) | ~+700% |
| 4th | Apr 20, 2024 | 6.25 → 3.125 BTC | ~$64,000 | ATH >$100K (2024) | — |
| 5th (est.) | ~2028 | 3.125 → 1.5625 BTC | TBD | TBD | — |
Historical data. Past cycles do not predict future performance. Diminishing returns observed across cycles. Source: CoinGecko, Glassnode.
Hash Rate
Total computing power securing the network. ATH: 700+ EH/s (2024). Rising hash rate = miner confidence. Falling hash rate = miner capitulation signal.
Source: Glassnode, BTC.com
Exchange Net Flow
Net BTC moving to/from exchanges. Outflows = accumulation (bullish). Inflows = distribution/selling pressure (bearish). Key signal for institutional behavior.
Source: Glassnode, CryptoQuant
MVRV Ratio
Market Value ÷ Realized Value. >3.5: historically overheated. 1–2: fair value. <1: extreme undervaluation / capitulation zone.
Source: Glassnode, CoinMetrics
Long-Term Holder Supply
BTC held for 155+ days. Rising LTH supply during price weakness = conviction. LTH distribution at peaks historically precedes market tops.
Source: Glassnode
Funding Rate
Perpetual futures 8-hour funding rate. Persistently positive = leveraged longs crowded (risk). Persistently negative = shorts crowded (potential squeeze). Neutral: healthy.
Source: CryptoQuant, Coinglass
Realized Price
Average price at which all BTC last moved on-chain (~average acquisition cost). BTC below realized price historically = bear market capitulation. Above = profit territory.
Source: Glassnode, CoinMetrics
| Fund Name | Ticker | Issuer | Custody | Expense Ratio |
|---|---|---|---|---|
| iShares Bitcoin Trust | IBIT | BlackRock | Coinbase Custody | 0.25% |
| Fidelity Wise Origin Bitcoin Fund | FBTC | Fidelity | Fidelity Digital Assets | 0.25% |
| ARK 21Shares Bitcoin ETF | ARKB | ARK / 21Shares | Coinbase Custody | 0.21% |
| Bitwise Bitcoin ETF | BITB | Bitwise | Coinbase / BitGo | 0.20% |
| Invesco Galaxy Bitcoin ETF | BTCO | Invesco / Galaxy | Coinbase Custody | 0.25% |
| VanEck Bitcoin ETF | HODL | VanEck | Gemini | 0.20% |
All approved January 10, 2024. Source: SEC filings, issuer websites. Expense ratios subject to change; verify at issuer IR pages.
Blockchain
Bitcoin's public ledger — an immutable chain of blocks, each containing transaction data, linked cryptographically. Every full node maintains a copy of the entire chain.
Satoshi (sat)
The smallest unit of Bitcoin: 1 BTC = 100,000,000 satoshis. Named after creator Satoshi Nakamoto. At $100K/BTC, 1 sat = $0.001.
Mining
The process of validating Bitcoin transactions and adding them to the blockchain by solving cryptographic hash puzzles (SHA-256). Miners receive newly issued BTC + transaction fees.
Proof of Work (PoW)
Bitcoin's consensus mechanism. Requires massive real-world energy expenditure to add blocks, making attacks prohibitively expensive. The basis of Bitcoin's security model.
HODL
Crypto slang for long-term holding strategy (originated from a misspelled 'hold' in a 2013 forum post). 'HODLing' through volatility rather than trading.
Cold Storage / Cold Wallet
Storing Bitcoin private keys offline (hardware wallet, paper wallet) disconnected from the internet. Eliminates online hack risk. The most secure long-term storage method.
Lightning Network
Bitcoin Layer 2 scaling solution enabling instant, near-zero fee payments between parties. Uses payment channels off-chain, settling on the main chain when closed.
Mempool
The pool of unconfirmed Bitcoin transactions waiting to be included in a block. High mempool congestion leads to higher fees; low congestion allows low-fee transactions.
Difficulty Adjustment
Bitcoin's self-regulating mechanism that adjusts mining difficulty every 2,016 blocks (~2 weeks) to maintain a 10-minute average block time regardless of total hash rate.
Not Your Keys, Not Your Bitcoin
Security maxim: whoever holds the private keys controls the BTC. Keeping BTC on exchanges means trusting the exchange. Exchange collapses (Mt. Gox, FTX) have resulted in total user losses.
Bitcoin news on Vextor Capital is aggregated from third-party publishers. Vextor Capital is not the original publisher and is not responsible for content accuracy or completeness.
Risk Warning: Bitcoin is an extremely volatile, speculative asset. Historical peak-to-trough drawdowns have ranged from 77% to 94%. Bitcoin has no intrinsic cash flows, no earnings, and no government guarantee. It can go to zero. Exchange counterparty risk, private key loss risk, and regulatory risk are all present and material. Bitcoin is not covered by SIPC, FDIC, FSCS, or any equivalent investor protection scheme. Tax obligations vary by jurisdiction — consult a qualified tax professional. Past halving cycles have not produced identical outcomes and provide no guarantee of future performance. This content is for educational purposes only and does not constitute investment, financial, or tax advice. Consult a registered investment advisor before making any investment decision. (Sources: ESMA crypto investor warnings; SEC investor bulletin on digital assets; IRS Notice 2014-21.)
Bitcoin and cryptocurrency news travels through a fragmented media ecosystem that includes mainstream financial outlets, dedicated crypto media, social networks, and anonymous sources that vary dramatically in reliability. High-credibility sources for Bitcoin news include official regulatory announcements from the SEC, CFTC, and FinCEN; on-chain data providers including Glassnode and CoinMetrics that show actual network activity independent of narrative; court filings and official government documents in legal cases; and earnings reports from publicly traded Bitcoin-related companies such as Coinbase, MicroStrategy, and Bitcoin mining companies. Lower-reliability sources include anonymous social media accounts, promotional content from token issuers, and unverified claims about institutional adoption. Distinguishing between confirmed regulatory action and rumored regulatory action has historically produced dramatically different investment outcomes. (Source: CFTC Investor Education, SEC Investor.gov)
The January 2024 approval of spot Bitcoin ETFs in the United States represented a structural expansion of institutional access to Bitcoin. The SEC approved 11 spot Bitcoin ETFs simultaneously on January 10, 2024, ending a decade of regulatory applications beginning with the Winklevoss brothers first application in 2013. The BlackRock iShares Bitcoin Trust (IBIT), Fidelity Wise Origin Bitcoin Fund (FBTC), and Ark 21Shares Bitcoin ETF (ARKB) attracted the largest inflows among the new products. Total spot Bitcoin ETF assets under management reached approximately 50 billion dollars within the first 12 months of trading, the fastest AUM growth in ETF industry history according to Bloomberg Intelligence data. These products eliminated the need for retail and institutional investors to manage cryptocurrency wallets, exchange accounts, or custody arrangements. (Source: Bloomberg Intelligence, SEC Investment Company Act Filings)
Bitcoin mining is the process by which new bitcoins are created and transactions are validated, requiring specialized hardware called ASICs (Application-Specific Integrated Circuits) that solve computational puzzles. The Bitcoin network adjusts mining difficulty every 2,016 blocks (approximately two weeks) to maintain a target block time of 10 minutes regardless of how much computing power joins the network. The April 2024 halving event reduced the block subsidy from 6.25 BTC to 3.125 BTC, cutting miner revenue from new block rewards in half. Publicly traded mining companies including Riot Platforms, Marathon Digital, CleanSpark, and Bitfarms report operational metrics including hashrate, energy cost per Bitcoin mined, and fleet efficiency that provide transparency into mining economics unavailable in the early industry. The total network hashrate exceeded 600 exahashes per second in 2024. (Source: Cambridge Centre for Alternative Finance, Bitcoin Mining Council, SEC 10-K Filings)
On-chain metrics provide objective, verifiable data about Bitcoin network activity that supplements and often contradicts market narratives. Exchange balances, measuring total Bitcoin held on trading platforms, have declined from approximately 3.2 million BTC in 2020 to under 2.3 million BTC in 2024, suggesting long-term holders are withdrawing Bitcoin from exchanges for cold storage. Active addresses, measuring the number of unique addresses participating in transactions daily, indicate genuine network usage independent of price. Long-term holder supply, tracking coins that have not moved in 155 or more days, reached all-time highs in 2024, indicating that a growing proportion of supply is being held by patient, conviction investors rather than speculative traders. These metrics are available in real time on platforms including Glassnode, CoinMetrics, and Look Into Bitcoin. (Source: Glassnode, CoinMetrics, Look Into Bitcoin)
Regulatory developments represent the highest-impact category of Bitcoin news for market participants. Key regulatory events that have historically moved Bitcoin prices significantly include: the initial SEC rejection of Bitcoin ETF applications (negative), government agency guidance on Bitcoin as property versus currency for tax purposes, DOJ enforcement actions against exchanges, CFTC classification of Bitcoin as a commodity (generally positive), foreign government bans or restrictions (China ban September 2021, negative then recovered), and the El Salvador legal tender adoption (mixed impact). The United States legal framework remains the most significant regulatory jurisdiction because of the depth of U.S. capital markets and the SEC oversight of financial products. The 2024 presidential election produced a shift toward more crypto-positive regulatory posture. Following regulatory news from official government sources rather than media interpretations reduces misinformation risk. (Source: SEC, CFTC, IRS, FinCEN Official Publications)