Bitcoin ETFs Are Back but It's 'Too Early' to Get Bullish, Wintermute Says

Bitcoin (CRYPTO: BTC) ETFs pulled in $854 million last week, their best haul since April, but the Wintermute over-the-counter desk said more is needed before turning outright bullish. Why Everything Rallied Last Week Wintermute’s weekly market update said the catalyst was a single jobs print. U.S. payrolls fell 23,000 in July against forecasts of plus 80,000, which knocked September Fed rate hike odds from 55% to 40% and sent risk assets higher across the board. Weekly Performance by Asset Asset Weekly Return Gold +7.25% Nasdaq +5.09% S&P 500 (NYSE: SPY ) +3.51% Bitcoin +2.15% Ethereum (CRYPTO: ETH) +1.39% Brent Crude -6.85% Source: Wintermute Report Brent crude was the exception, falling 6.85% as Iran and Oman moved toward a navigation framework for the Strait of Hormuz, easing a geopolitical risk premium that had been supporting oil prices. Why Wintermute Calls the Jobs Report...