Are Bullish Footsteps Approaching in Bitcoin? Major Market Maker Wintermute Offers Both Positive and Negative Opinions!
Wintermute, whose analyses are closely followed in the market, evaluated the recent movements.
Cryptocurrency market maker Wintermute stated in his latest analysis that there is a relief rally in Bitcoin, but this is not a structural bull market.
Wintermute analysts have viewed Bitcoin’s recent recovery as a relief rally stemming from macroeconomic changes, rather than a transition to a structural bull market.
Analysts say that signs of a slowdown in the US economy, expectations of a looser monetary policy from the Federal Reserve, and easing tensions in the Middle East have led to a recovery in risky assets like Bitcoin.
At this point, analysts noted that the recovery was a combination of internal and external factors.
Wintermute concluded that these developments were sufficient to explain the recent gains without needing to look for a larger structural reason, and that the market was not currently in a structural bull market.
However, analysts added that Bitcoin’s rise appears relatively resilient. The company report noted that whales have accumulated over 270,000 Bitcoin near the 200-week moving average, and that demand in the options market has shifted from downward hedging to the purchase of call options at $60,000 to $70,000.
Wintermute concluded by stating that ETF flows should be closely monitored, noting that ETF fund flows have not yet improved to the point of showing net inflows.
Analysts note that a single day’s ETF inflow is not enough to confirm a trend reversal in BTC, and while they consider the recovery a meaningful signal, they recommend a cautious approach until sustainable ETF inflows are confirmed.
*This is not investment advice.
