Overview
- Wintermute judged ETH a poor fit for current conditions after a roughly 10.2% weekly drop and a slide in the ETH-to-Bitcoin ratio toward 0.0275.
- The firm points to higher U.S. Treasury yields and renewed inflation, with money moving to AI stocks and hard‑asset plays instead of ETH.
- Wintermute highlights weaker Ethereum demand across spot and derivatives, noting softer funding, higher implied volatility, and pressure on ETFs.
- Technical signals cited by the firm show bearish momentum and fragile support in the low $2,000s, suggesting choppy, range‑bound trading.
- For Bitcoin, Wintermute says a bullish stance now relies on institutions returning to spot and ETF buying, as recent flows show about $1 billion out of BTC ETFs and roughly $255 million out of ETH funds.