Wintermute: Bitcoin's 10% Jump Is a 'Relief Rally'
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- Bitcoin rose nearly 10% over the past week, trading around $64,023 after touching a two-week high above $64,500 on Monday.
- Wintermute called the move a "textbook relief rally," saying it reflects a short-term recovery rather than a fundamental shift in market structure.
- Wintermute attributed the bounce to easing macro conditions, a more dovish Federal Reserve tone, and improving headlines around Ethereum and institutional adoption.
- Bitcoin ETFs snapped a 10-day outflow streak with $222 million in inflows on July 2, followed by another $265 million+ day on Monday, according to Farside Investors data.
- Wintermute cautioned that a single inflow print doesn't make a trend, saying sustained consecutive-session inflows would be required to confirm a real reversal.
- Bitcoin remains nearly 50% below its all-time high of $126,080 set in October.
Why it matters: Wintermute's "relief rally" label tempers bullish expectations: even with two consecutive ETF inflow days totaling roughly $487 million, the market maker won't call it structural until that flow sustains. For traders positioned for continuation, Bitcoin's 50% drawdown from its October peak means the $64,500 zone looks more like a short-term ceiling than a breakout trigger without a longer inflow streak.
