Wintermute: Bitcoin’s Rally More Consistent with a Relief Rally Than the Start of a New Bull Market

Odaily Planet Daily News Wintermute released a market analysis stating that weak US employment data and dovish remarks from Fed official Wallach drove a rebound in global risk assets, with Bitcoin and Ethereum both outperforming major US stock indices recently. Specifically, Bitcoin’s rise has been fueled by continuous accumulation by whales, increasing bullish sentiment in the options market, improved on-chain data, and better spot ETF flows; Ethereum, on the other hand, has been more supported by institutional adoption and expectations for tokenization infrastructure development.

However, Wintermute believes that this rally is more characteristic of a "relief rally" rather than the start of a new long-term bull market. Although improving macroeconomic conditions and continued institutional positioning have boosted market sentiment, Bitcoin spot ETFs have still seen a cumulative net outflow of approximately $2.73 billion year-to-date. Until ETF flows show a sustained improvement trend, the current market movement should still be viewed as sentiment repair rather than a structural reversal.