Wintermute calls ETH unsuitable for current macro environment

Crypto market maker Wintermute stated via X that Ethereum (ETH) is an unsuitable asset for the current macroeconomic environment. The firm added that ETH fell 10.2% last week, with the ETH/BTC ratio hitting 0.0275, its lowest level since July 2025. Spot ETH ETFs also saw net outflows of $255 million, marking the largest weekly outflow since late January. Separately, BeInCrypto noted that potential selling pressure is increasing across exchanges, citing CryptoQuant data showing that ETH reserves on Binance grew from 3.4 million to approximately 3.8 million in May. Additionally, on-chain analyst Darkfost observed that ETH's weekly taker buy-sell ratio on Binance has dropped to 0.91, its lowest since September 2023. Darkfost analyzed that as positions become extremely skewed toward selling, the risk of a short squeeze increases.