Wintermute claims that the rise of Bitcoin is a mitigating rebound, and attention should be paid to the flow of ETF funds

Wintermute analysis states that weak US employment data and dovish statements from Federal Reserve Chairman Kevin Walsh have driven a global rebound in risk assets, with Bitcoin and Ethereum outperforming US stocks. The rise of Bitcoin was driven by the increase in holdings of whales, bullish sentiment towards options, and improved cash flow of spot ETFs, while Ethereum was supported by institutional adoption and tokenization expectations. Wintermute believes that this round of rise is in line with the characteristics of a relief rebound, rather than the start of a new bull market. The Bitcoin spot ETF has accumulated a net outflow of $2.73 billion within the year, and the current market belongs to emotional recovery before the ETF fund flow continues to improve.