Svmuu News: Wintermute released a market analysis stating that weaker U.S. employment data and dovish remarks from Federal Reserve official Wash have driven a rebound in global risk assets, with Bitcoin and Ethereum both outperforming major U.S. stock indices recently.Specifically, the rise in Bitcoin was primarily driven by continued accumulation by whales, growing bullish sentiment in the options market, improved on-chain metrics, and positive capital inflows into spot ETFs; Ethereum, meanwhile, was supported more by institutional adoption and expectations for the development of tokenization infrastructure.
However, Wintermute believes that this rally is more characteristic of a “relief rally” rather than the start of a new long-term bull market.Although the improving macroeconomic environment and continued institutional positioning have boosted market sentiment, Bitcoin spot ETFs have still seen cumulative net outflows of approximately $2.73 billion so far this year. Until ETF capital flows show a sustained trend of improvement, the current market conditions should still be viewed as a sentiment recovery rather than a structural reversal.