Bitcoin

Since El Salvador made Bitcoin legal tender in 2021, it has been viewed as the world’s most prominent Bitcoin nation. However, recently disclosed IMF documents in 2026 indicate that the government has stopped adding to its Bitcoin holdings—an obvious discrepancy compared to the official public wallet, which still reports a “daily increase of 1 BTC.”

Bitcoin DeFi (often referred to as BTCFi) is a rapidly growing sector in the crypto market. Leveraging smart contracts, Layer 2 solutions, and cross-chain technologies, Bitcoin has evolved beyond being merely a store of value, enabling participation in lending, staking, liquidity mining, and other decentralized finance applications. With ongoing advancements in Bitcoin Layer 2, ecosystem protocols, and institutional investment, Bitcoin DeFi is steadily building a robust financial ecosystem.

In mid-April, the crypto marketplace saw a unique scenario where a price rebound coincided with a bearish funding rate. This article dissects the new structure behind the capital mismatch between spot and futures by analyzing Goldman Sachs' application for the Bitcoin Premium Income ETF, shifts in ETF capital flows, the renewed activity of ETH, and Coinglass fee rate data. It further provides an actionable three-indicator observation framework and corresponding risk management approaches.

By 2026, institutional bids in the crypto marketplace extend far beyond ETFs. Digital asset treasury companies, balance sheet asset-liability allocations by publicly listed firms, stablecoin and on-chain return products are together redefining capital structure. This article examines emerging sources of bids outside ETFs and their influence on the marketplace.