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AI, Crypto, and Modern Banking Innovation

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Deepak Gupta from Volante Technologies alongside Gretchen Rodríguez from TD and Margaret Mayer from Zions Bancorporation, discuss the global banking modernization landscape. Globally, banks are at different stages of modernization, some are innovative, while others focused on compliance and these differences shape how banks approach the future.

Gupta also stresses that AI is set to play a major role in payments, which will help banks anticipate customer needs and streamline their operations. As well banking modernization, new payment types, including stablecoins and cryptocurrencies, are emerging and banks are exploring strategies to integrate them safely. Cross-border payments are also evolving, with banks looking to leverage multiple networks like Visa and Mastercard for smoother international transactions.

TD emphasized the value of a unified approach across retail and commercial banking with data and open banking allow banks to understand their customers, anticipate purchases, and tailoring for interventions for sensitive areas like gambling or mental health. The goal is a more intentional customer journey within banking; offering the right solutions at the right time.

 Zions Bancorporation recently modernized its banking core, marking a transition from a mainframe to distributed systems which enables API integration and easier collaboration with fintechs while accelerating innovation. The discussion between Volante Technologies, Zions Bancorporation and TD highlighted a banking landscape in transition with AI, new payment types, data-driven insights, and modern banking infrastructure converging to reshape how banks operate and serve customers, offering opportunities for innovation and relevance in a fast-changing fintech ecosystem.

Spot Bitcoin ETF Demand Slows Down In 2026: Here’s Why

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Spot Bitcoin exchange-traded funds (ETFs) are on track to post a fourth consecutive month of net outflows as Bitcoin (BTC) approaches a fifth negative monthly close in February. The slowdown is visible across the shrinking fund balances and the bearish rolling net flow data, especially when measured against competing asset ETFs.

With Bitcoin price and the spot ETF holdings trending lower since October, investors are searching for answers on what the future may hold for BTC.

Bitcoin ETFs dominate headlines

Net assets held in US spot Bitcoin ETFs peaked near $170 billion in October 2025 and now stand at $84.3 billion. The cumulative net inflows have fallen to roughly $54 billion from the $63 billion all-time high. Since July 2025, cumulative net flows have totaled just $5 billion, underscoring the sharp drop in capital inflows.

Bitcoin researcher Axel Adler Jr. tracked seven sessions between Feb. 12 and Feb. 19 and found the net ETF outflows totaled 11,042 BTC. Feb. 12 marked the largest single-day reduction at 6,120 BTC, or about $416 million. The Feb. 17 and Feb. 18 sessions saw back-to-back outflows of 1,520 and 1,980 BTC, respectively. Only two sessions were positive, with the Feb. 6 session adding 5,900 BTC to the funds.

Spot BTC ETF netflows 7-day average Source: Axel Adler Jr.

Adler said that three consecutive positive sessions are needed to confirm renewed accumulation in the ETFs. Until then, the flows continue to act as a source of supply for the market.

The macroeconomic data align with the cooling trend. The ETFs have shed about 87,000 BTC since November 2025, including roughly 15,000 BTC in February. The total ETF balances now sit near 1.26 million BTC, down from the 1.36 million BTC peak.

Cryptocurrencies, Federal Reserve, Bitcoin Price, Adoption, Markets, United States, Cryptocurrency Exchange, Price Analysis, Market Analysis, Bitcoin ETF, ETF
Bitcoin ETF AUM. Source: checkonchain

The selling pressure from the largest BTC funds has been measured. BlackRock’s IBIT holdings declined to 759,000 BTC from 806,000 BTC, a 6% reduction. Fidelity’s FBTC dropped to 186,000 BTC from 213,000 BTC, a 12.6% decline.

Bitcoin price has fallen far more sharply than the ETF balances, while the spot market demand has appeared insufficient to fully absorb the broader market pressure.

Gold steals the spotlight from the BTC ETFs

Over the past two years, the Bitcoin and gold ETFs have rotated leadership based on the 90-day rolling flows. The Bitcoin 90-day inflows peaked near $16 billion in March 2024, cooled to $3 to $4 billion between June and October, and then surged to $21.6 billion in December 2024.

Cryptocurrencies, Federal Reserve, Bitcoin Price, Adoption, Markets, United States, Cryptocurrency Exchange, Price Analysis, Market Analysis, Bitcoin ETF, ETF
Bitcoin/Gold ETF inflows. Source: bold.report.com

The gold ETFs took a different route. The flows stayed negative until July 2024, then accelerated to $30 billion by April 2025. During March and April 2025, the Bitcoin 90-day flows slipped to negative $2 billion.

Gold peaked again at $36 billion in October 2025, while the Bitcoin inflows faded into the final quarter. In January 2026, the gold flows reached $29 billion before easing to $21 billion by mid-February as Bitcoin flows remained in negative territory.

The data show a repeated handoff between the two assets. The periods of weakening Bitcoin ETF demand aligned with the surges in gold inflows, particularly between March and October 2025.

In relative terms, the gold ETFs captured incremental capital as investors leaned toward the asset with smaller price swings and the longer track record during risk-off phases.

Related: Bitcoin ETFs shed $166M as BTC heads for worst start in years

“Restrictive digestion” hits the Bitcoin demand

ITC Crypto founder Benjamin Cowen classifies the first quarter of 2026 as a “late-cycle restrictive digestion” phase for the equities and the crypto markets.

The US Federal Reserve ended quantitative tightening in December 2025, halting the balance sheet runoff, but the monetary policy remains restrictive relative to the market growth expectations. The federal funds rate still sits above the 2-year Treasury yield, while the 10-year yield trades near 4.1% and the 10-year real yield holds around 1.7%–1.8%, keeping the financial conditions tight.

The positive real yields mean investors can earn inflation-adjusted returns in the fixed income markets, raising the opportunity cost of holding non-yielding assets such as Bitcoin.

Cryptocurrencies, Federal Reserve, Bitcoin Price, Adoption, Markets, United States, Cryptocurrency Exchange, Price Analysis, Market Analysis, Bitcoin ETF, ETF
Bitcoin Market Cycle Bottom ROI. Source: Into The Cryptoverse

Cowen noted that in the prior tightening cycles, Bitcoin price weakened before equities showed stress. In 2019, BTC price rolled over months ahead of the broader weakness in equities. 

Historically, the durable ETF inflows have followed the falling real yields or a clear easing cycle. Neither condition has developed yet, which may explain the slowdown in demand for Bitcoin ETFs since October 2025.

Related: Bitcoin ignores US Supreme Court Trump tariff strike amid talk of $150B refund