Wintermute: Crypto Is Losing Its Flow Support as ETF Outflows Mount

Wintermute said crypto is losing support from capital flows, while equities remain backed by earnings expectations. Last week, BTC fell 3.2% and ETH dropped 7.0%, with U.S. spot BTC and ETH ETFs recording $679M and $542M in net outflows, respectively. BTC ETF outflows were the largest weekly total since late June.

Wintermute said a sustained recovery requires long-term Treasury yields to stabilize and spot ETF flows to turn positive. Until then, BTC remains vulnerable to volatility and downside risks, while low-quality altcoin rallies should be approached cautiously. The firm remains constructive long term but would turn more cautious if the U.S. 30-year Treasury yield exceeds 5.64% or BTC repeatedly fails to break above $82,500. — link