Wintermute: Bitcoin's Rise More Reflective of a Relief Rally Than the Start of a New Bull Market

Odaily Odaily News Wintermute released a market analysis stating that the weakening of US employment data and the dovish stance of Fed official Waller have driven a rebound in global risk assets, with Bitcoin and Ethereum recently outperforming major US stock indices. Specifically, Bitcoin's rise is primarily fueled by continued accumulation by whales, increasing bullish sentiment in the options market, improved on-chain data, and better spot ETF flows; Ethereum's performance is more supported by institutional adoption and the development prospects of tokenization infrastructure.

However, Wintermute believes that this rally is more characteristic of a "relief rally" than the beginning of a new, long-term bull market. Although an improving macro environment and continued institutional positioning are boosting market sentiment, the cumulative net outflow from Bitcoin spot ETFs this year still stands at approximately $2.73 billion. Until ETF flows show a sustained improvement trend, the current market movement should be viewed as a sentiment recovery rather than a structural reversal.