Bitcoin News
By Bruce Buterin
1 / 15
$657 Million in Liquidations, ETFs Bleed Out. Bitcoin slid back toward $77,000 after the inflation print hit.
2 / 15
The 200-Day Moving Average Is a Wall. Bitcoin can't seem to clear its 200-day moving average, sitting at $82,200.
3 / 15
Rate Hike Risk Reprices Everything. The shift from "rate cuts coming" to "rate hike possible" happened fast.
4 / 15
Bitcoin cracked $82,000 recently. But Wintermute isn't buying it — not literally, and not figuratively either.
5 / 15
April's CPI came in at 3.8% year-over-year, above estimates. Core CPI jumped 0.4% in a single month.
6 / 15
Bitcoin slid back toward $77,000 after the inflation print hit. The drop triggered $657 million in liquidations, with the bulk — $584 million — coming from long positions.
7 / 15
ETF data made things uglier. Bitcoin spot ETFs saw $1 billion in outflows. Ethereum ETFs lost $255 million.
8 / 15
And that's kind of the core problem right now. The rally didn't have the spot demand behind it to hold.
9 / 15
Bitcoin can't seem to clear its 200-day moving average, sitting at $82,200. That level has basically become a ceiling.
10 / 15
A drop below $75,000 probably gets ugly fast. Wintermute thinks that scenario, if it plays out alongside continued negative ETF flows and reset funding rates, could push Bitcoin…
11 / 15
See also: Crypto Funds Bleed $1.07 Billion as Iran Fears and Inflation Rattle Bitcoin and Ether Investors
12 / 15
The structural picture isn't all bad, to be fair. Exchange reserves are at multi-year lows, which typically means long-term holders are accumulating and not sending coins to sell.
13 / 15
But Wintermute is pretty direct about this: right now, short-term flows matter more than structural factors. The macro is driving the bus.
14 / 15
The shift from "rate cuts coming" to "rate hike possible" happened fast. Fed funds futures moved sharply, and that narrative change put pressure on everything with duration —…
15 / 15
It's worth noting that Wintermute flagged this as a market where the rally lacked structural backing.
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