Wintermute Says Bitcoin and Ethereum Outperform U.S. Stocks Amid Risk Asset Rebound

Wintermute said weaker U.S. employment data and dovish remarks from Fed official Kevin Warsh helped drive a rebound in global risk assets, with Bitcoin and Ethereum recently outperforming major U.S. stock indexes. According to Odaily, Wintermute attributed Bitcoin’s rise to continued whale accumulation, stronger bullish sentiment in the options market, improving on-chain data, and better spot ETF fund flows. Wintermute said Ethereum’s performance was supported more by institutional adoption and expectations for the development of tokenization infrastructure. However, Wintermute said the current move is more consistent with a “relief rally” rather than the start of a new long-term bull market. It added that while improving macro conditions and ongoing institutional positioning have lifted sentiment, Bitcoin spot ETFs still show a year-to-date net outflow of about $2.73 billion. Wintermute said the market should be viewed as a sentiment recovery rather than a structural reversal until ETF flows show a sustained improvement trend.