Wintermute's Bearish Call: No Bottom Yet Confirmed in Crypto Market

The crypto market is facing a bleak scenario according to Wintermute's latest prediction. The market makers argue that the recent decline in Bitcoin's price was driven mainly by US institutional selling and ETF outflows, rather than Strategy's sale of 32 BTC.

Wintermute believes that capital has not returned to the market, and no bottom is yet confirmed. This is supported by data from CryptoQuant, which shows that stablecoin exchange reserves have drained to $62.81 billion as of June 10, a fall of roughly 16%. This level is lower than last seen in late September 2025.

Rekt Capital, an analyst, believes that the upside for this year will be capped at the falling macro downtrend. He predicts a bear market with a retracement of 60% to 70%, which would mean Bitcoin's price going sub-$50 into the 40s in Q4 of this year.

BeInCrypto's projection highlights similar levels, with a potential bottom for BTC coming at $44,627. This is a 64% retracement from Bitcoin's peak. The peak to breaking the bearish pattern lies around $82,824, aligning perfectly with Rekt Capital's $82,500 pivot.