Wintermute Says BTC Rally Looks More Like a Short Squeeze Than a Healthy Breakout Wintermute said U.S. equities extended gains for a sixth…
Wintermute Says BTC Rally Looks More Like a Short Squeeze Than a Healthy Breakout
Wintermute said U.S. equities extended gains for a sixth straight week, with the Nasdaq and S&P 500 hitting fresh highs, while Bitcoin climbed above $80,000 for the first time since January and briefly reached around $83,000, reclaiming its 200-day moving average after months of pressure.
Wintermute cautioned that the move looks more like a short squeeze than a “healthy” breakout, noting open interest rose from about $48 billion to $58 billion over the past month while spot volumes remain near two-year lows—suggesting forced short covering rather than sustained spot demand. The firm added that this week’s CPI release and the Fed chair transition could be key macro catalysts.