COINSHARES
Bitcoin has recorded a notable rebound this week, in a context of tense financial markets. Its performance since the beginning of the Iran crisis illustrates an unprecedented dynamic: the price has increased by 18.8% over the period, while stocks have declined and gold has dropped by 7.4%, according to CoinShares.
One of the most significant signals of the week concerns the behavior of large bitcoin holders, commonly referred to as “whales.” After several months of net sales since October 2025, these actors have recorded two consecutive weeks of net purchases, a first since last autumn. This turnaround is consistent with the four-year market cycle theory and suggests that the structural selling pressure that weighed on prices may be easing.
In terms of capital flows, digital asset investment products have collected $520 million this week, after a difficult start to the period marked by over $400 million in outflows. Since the beginning of the year, inflows into bitcoin products have reached around $2.4 billion, and $2.88 billion in total for all digital assets, down from the peak of $3.5 billion earlier this year. Three consecutive weeks of positive collection nevertheless indicate a renewed institutional appetite.
Ethereum rebounds, Solana experiences outflows
Ethereum, on the other hand, recorded $203 million in inflows this week, returning to positive territory on an annual basis for the first time since the beginning of the year. Solana, on the contrary, experienced notable capital outflows for the week as well as the month.
Technologically, Google announced a more efficient method for executing the Shor algorithm, sparking debate on the risks that quantum computing could pose to bitcoin cryptography. An improvement proposal for the protocol, BIP 360, envisions an upgrade resistant to quantum computing via a progressive branching. This risk remains distant, but is now being taken seriously by the developer community.
On the macroeconomic side, the producer price index came in below expectations, but overall inflation remains high and markets no longer anticipate any rate cuts for the rest of the year. Bitcoin has weathered this context with relative tranquility, reinforcing the perception of its distinctive character as an asset.
