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

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Jinse Finance reports that Wintermute released a market analysis stating that weakening U.S. employment data and dovish comments from Fed official Waller drove a rebound in global risk assets, with Bitcoin and Ethereum both outperforming major U.S. stock indices recently. Among them, Bitcoin's rise was primarily driven by continued accumulation by whales, rising bullish sentiment in the options market, improvement in on-chain data, and improvement in spot ETF flows; Ethereum was more supported by expectations of institutional adoption and the development of tokenization infrastructure.
However, Wintermute believes that the current rally is more in line with the characteristics of a "relief rally" rather than the start of a new long-term bull market. Although the improvement in the macro environment and continued institutional deployment have boosted market sentiment, the cumulative net outflow of Bitcoin spot ETFs this year remains approximately $2.73 billion. Until ETF flows show a sustained improvement trend, the current market movement should still be viewed as sentiment repair rather than a structural reversal.
ETH-2.17%
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