Wintermute: True BTC bottom may not come until September or October

Crypto market maker Wintermute said that while the bear market is significantly advanced, the true bottom for Bitcoin has not yet been confirmed. In a post on X, the firm noted that the Fear & Greed Index remains in a state of extreme fear and the portion of BTC supply in loss is nearing 50%, the point at which it converges with the supply in profit. Wintermute pointed out that historically, this trend has preceded the actual market bottom by two to three quarters. At the final low point in past cycles, the supply in loss was closer to 60%, suggesting there is still room for further declines. The firm added that a bottom is unlikely to form during the low-volume summer months and that investors should watch for continued weakness into September-October, after which any recovery will depend on shifts in the macroeconomic landscape.