#Gate广场五月交易分享 Wintermute issues a warning of an “unhealthy breakout”—short squeeze pressure is hard to sustain

Earlier, when Bitcoin broke through $80,000 and hit a high of $83,000, the market briefly celebrated the arrival of a bull market, but the interpretation from institutional firm Wintermute poured cold water on the sentiment.
According to CoinJie.com, Wintermute said this round of Bitcoin’s rise is more like a “short squeeze” than a healthy bull-market breakout. The key basis is that Bitcoin’s open interest has surged from $48 billion to $58 billion within a month, while spot trading volume remains at a low level seen in the past two years. Generally speaking, confirming a bull market requires strong spot-buying support; however, the current rally is more of a short-term, pulse-like rise driven by forced short covering in futures contracts, lacking sustained momentum.
As the momentum behind the near-term upswing runs out and short covering comes to an end, Bitcoin naturally faces correction pressure. The fact that it has recently fallen below $81,000 is precisely the backlash that follows this “unhealthy breakout,” also validating Wintermute’s warning: a rise without spot support is difficult to sustain.