Wintermute warns Bitcoin lacks inflows needed to confirm market bottom
Bitcoins recent selloff has yet to establish a durable market bottom as institutional demand remains absent and capital continues to leave spot Bitcoin ETFs, according to a new market note from Wintermute. According to data from crypto.news, Bitcoin ($BTC) traded near $61,828 on Tuesday, down 3.18% over the past 24 hours and more than 14% over the past week after falling to its lowest level since September 2024. The broader cryptocurrency market also remained under pressure, with total market capitalization dropping 2.8% to $2.21 trillion. According to CoinGlass data, more than $1.78 billion in leveraged positions were liquidated over the past day as long traders absorbed most of the losses. Total crypto derivatives open interest stood at around $103.5 billion, while daily futures trading volume reached $173.8 billion. According to the latest weekly note from algorithmic market maker Wintermute, the recent correction differs from previous pullbacks because institutional demand continues to deteriorate rather than stabilize. The firm argued that the market remains vulnerable to further downside as large buyers have yet to return in meaningful size. Wintermute said attention surrounding Strategy‘s sale of 32 $BTC between May 26 and May 31 has overshadowed the broader issue facing the market. While the transaction itself was