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

MeNews
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ME News reports that on July 7 (UTC+8), Wintermute released a market analysis stating that weakening U.S. employment data and a dovish stance by Federal Reserve official Warsh drove a rebound in global risk assets, with Bitcoin and Ethereum recently outperforming major U.S. stock indices. Among them, Bitcoin's rise was mainly driven by continued accumulation by whales, rising bullish sentiment in the options market, improvement in on-chain data, and improved capital flows into spot ETFs; Ethereum was more supported by institutional adoption and expectations for the development of tokenization infrastructure. However, Wintermute believes that this rally is more in line 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 continued institutional deployment boosted market sentiment, the cumulative net outflow of Bitcoin spot ETFs this year is still about $2.73 billion. Before ETF capital flows form a sustained improvement trend, the current market conditions should still be regarded as emotional repair rather than a structural reversal. (Source: ODAILY)
BTC-0.03%
ETH-0.34%
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