Bitcoin (BTC) institutional demand is “not yet strong” despite positive inflows to the US spot Bitcoin exchange-traded funds (ETFs).Key points:Bitcoin ETF flows reverse a ten-day losing streak, but analysis warns that demand remains weak.An “overwhelming” sell-off is nonetheless over, says Swissblock.Overall BTC demand shows a clear gap between spot and derivatives trends.Swissblock on Bitcoin ETF outflows: “The storm has passed”In new X commentary on Thursday, crypto investment company Swissblock called an end to the “most overwhelming” ETF sell-off in history.“The storm has passed: The most overwhelming ETF distribution wave of this bear market has ended,” it wrote. “As Bitcoin Risk continues…

In brief Perplexity released a research preview of a post-trained GLM 5.2 version, built to act as an orchestrator inside its Computer harness and escalate to Claude Opus 4.8 only when needed. The system costs one-third the price of Opus 4.8 across benchmarks. It’s Perplexity’s second Chinese open-source fine-tune in 18 months—the first being R1-1776, a version of DeepSeek R1 stripped of roughly 300 Beijing-mandated censorship topics. Perplexity has turned a Chinese open-source model into a near-frontier workhorse at roughly a third of what Claude Opus 4.8 costs.The company released a research preview today of a post-trained version of Z.AI’s…

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