Wintermute: BTC in 'relief rally,' not structural bull market

Cryptocurrency market maker Wintermute has diagnosed Bitcoin's recent rebound as a "relief rally" driven by macroeconomic shifts, rather than a transition to a structural bull market. Wintermute stated that a combination of internal and external factors has fueled the crypto market's recovery, including an easing macroeconomic environment, the Fed's dovish stance, reduced geopolitical tensions in the Middle East, and the launch of a dedicated organization for institutional Ethereum engagement. The firm explained that these developments are sufficient to account for the recent gains without needing to search for a larger structural cause, concluding that the market is not currently in a structural bull market. Wintermute also noted that ETF fund flows have not yet improved to show net inflows. While calling the rebound a meaningful signal, the firm advised a cautious approach until sustained ETF inflows are confirmed.