Wintermute: Institutional Demand Fades as Crypto Breaks from Equities

Wintermute said that as of May 25, bitcoin (BTC) was trading around $76,600, down 1.5% on the week, while ether (ETH) hovered near $2,140, down 1.7%. Over the same period, the S&P 500 notched a fresh all-time high, underscoring a clear split between crypto and U.S. equities. BTC spot ETFs recorded another week of net outflows totaling about $1.26 billion, pushing the two-week cumulative outflow above $2 billion. Wintermute noted that the institutional buying that helped drive BTC from $70,000 to $80,000 has materially cooled. Relative performance also deteriorated for ETH, with the ETH/BTC ratio sliding to a 10-month low, roughly 35% below its August peak. On the macro side, the University of Michigan Consumer Sentiment Index fell to a historic low of 44.8, while one-year inflation expectations rose to 4.8%. In equities, NVIDIA reported Q1 revenue growth of 85% year over year and guided Q2 revenue at $91 billion, yet the stock barely moved in after-hours trading, a sign that AI-linked optimism may already be fully priced in. Wintermute flagged $75,000–$76,000 as BTC's key support zone. Holding that range could set up a retest of $80,000. A break lower would likely open a fast move toward $70,000–$72,000. Near-term direction will depend on whether institutional capital returns.