Bitcoin Rally Hinges on ETF Demand as Market Shows Signs of Structural Weakness

The crypto market is showing signs of recovery following weeks of high macroeconomic volatility. Bitcoin increased by 1.9% in its daily value, driven by stabilization of inflationary indicators and reduced global geopolitical tensions. However, Wintermute's report reveals a structural weakness due to the lack of fresh circulating capital.

The sustainability of the current trend depends on the reactivation of three key financial channels: stablecoins, exchange-traded funds (ETFs), and institutional treasury companies. Investment funds based on Bitcoin have suffered their longest streak of outflows since their official launch, according to Wintermute's data.

Macroeconomic data from the last week partially relieved selling pressure on risk assets. The US consumer price index positioned itself in line with market expectations, mitigating institutional traders' fears of a possible monetary tightening.

The behavior of spot and derivatives markets exposes a notable absence of conviction from large-scale investors. Data from Wintermute suggest that the recent upward movement could be classified as a false breakout rather than a new consolidated bullish cycle.