Wintermute says Bitcoin's rebound is a "relief rally," which translates to: it bounced after dropping too much, don't take it seriously.

The market maker's stance aligns with data showing eight consecutive weeks of net outflows from ETFs and shrinking spot trading volumes.
A rally driven by short squeezes often lacks follow-up buying support. On-chain data shows a surge in exchange deposits, indicating some are rushing to sell during the rebound.
More concerning is the sharp drop in U.S. chip stocks and the continued capital drain from AI, meaning the crypto market's liquidity environment is not loose. Bitcoin's rebound looks more like a gasp for air under structural pressure rather than a trend reversal.
For traders, distinguishing between a "rally" and a "reversal" is more important than predicting price levels.
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