Bitcoin
Wintermute Highlights Bitcoin Resilience Amid Capital Rotation Out of Equities
Market maker Wintermute reports that Bitcoin is showing resilience against macroeconomic headwinds as investors reallocate funds from gold and stocks into crypto.
Bitcoin held above $80,000 to close last week up 3.45%, briefly touching $82,400 despite stronger-than-expected US payroll data. Non-farm payrolls came in at 162,000 against expectations of 53,000, which pushed the implied odds of a Federal Reserve interest rate hike in September near 60%.
According to market maker Wintermute, capital is actively rotating into digital assets from fatigued equity markets and consolidating gold positions. This rotation was mirrored in institutional demand, with spot Bitcoin ETFs taking in $987 million last week—bringing three-week cumulative inflows close to $3.8 billion—while Ethereum ETFs absorbed $215 million.
Wintermute noted that Bitcoin's current drawdown of roughly 50% from its peak remains shallower than the 75%-plus declines seen during the 2018 and 2022 cycles. The firm indicated that this constructive outlook would be reconsidered if Bitcoin breaks below $72,000 alongside sustained ETF outflows or if inflation figures push rate-hike expectations above 70%.
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