Wintermute: BTC range-bound as US spot ETFs remain key variable

Selling pressure from the U.S. is dictating recent short-term trends for BTC, according to a report from Wintermute. The report noted that BTC has been trapped in a range between $85,000 and $94,000 for approximately 60 days. It pointed to large net outflows from spot BTC ETFs last week and a persistent discount in the Coinbase Premium as confirmation of selling by U.S. institutional investors. Wintermute suggested a high probability of increased volatility this week due to macroeconomic events, including the U.S. Federal Open Market Committee (FOMC) meeting. The key factors to watch are ETF fund flows and the direction of the U.S. dollar. A shift to net inflows for the ETFs or a weaker dollar could lead to an attempt to break past the mid-$90,000s, the report explained.