Wintermute Says Bitcoin’s Next Bull Run Depends on Macro Stability

Crypto market maker Wintermute believes Bitcoin’s bullish outlook still depends heavily on broader macroeconomic conditions, despite improving on-chain data and strong ETF inflows.

While Bitcoin recently climbed near the $82,000 resistance level, analysts say the market has yet to confirm a true breakout. Wintermute highlighted that institutional demand remains supportive, with billions flowing into spot Bitcoin ETFs, but momentum has started to weaken at higher price levels. The firm also noted that Bitcoin continues to trade closely with traditional risk assets like tech stocks, meaning geopolitical tensions, interest rates, and global liquidity conditions remain key drivers of price action.

Although exchange reserves are falling and long-term holders continue accumulating BTC, Wintermute warns that macro shocks could still disrupt the market. According to the firm, Bitcoin’s next major rally will likely require a combination of stable economic conditions, stronger institutional participation, and renewed investor confidence across global markets.

Clever Robot News Desk 6^th May 2025