Wintermute: Bitcoin's rise is more in line with the characteristics of a relief rally rather than the start of a new bull market.

Odaily Planet Daily reported that Wintermute released a market analysis stating that weaker U.S. employment data and dovish comments by Fed official Waller have driven a rebound in global risk assets, with Bitcoin and Ethereum both recently outperforming major U.S. stock indexes. Among these, Bitcoin’s rise was mainly driven by continued accumulation by large whales, rising bullish sentiment in the options market, improved on-chain data, and improved spot ETF inflows; Ethereum, meanwhile, was supported more by institutional adoption and expectations for the development of tokenization infrastructure.

However, Wintermute believes this rally is more consistent with the characteristics of a “relief rally” rather than the start of a new long-term bull market. Although improvements in the macro environment and ongoing institutional positioning have boosted market sentiment, Bitcoin spot ETFs have still recorded net outflows of approximately $2.73 billion year-to-date. Until ETF flows form a sustained improvement trend, the current market should be regarded as a repair of sentiment rather than a structural reversal.