Bitcoin Bottom Still Not In as ETF Outflows Persist, Says Wintermute

Crypto market maker Wintermute reports that the recent drop in Bitcoin was primarily driven by U.S. institutional selling and ETF outflows, rather than the Strategy's sale of 32 BTC.

The firm adds that fresh capital has yet to re-enter the market, indicating that conditions do not yet confirm a clear price bottom. At the same time, it notes that some long-term investors have started slowly building positions at current levels.

Source: Wintermute