Wintermute: Institutions Taking Profits in BTC; $75,000 Seen as Key Support

Wintermute said Bitcoin ETFs have recorded more than $1 billion in outflows for two straight weeks as of May 26 (UTC+8), following six consecutive weeks of inflows, a sign that institutions are locking in recent gains. The firm also noted that the AI trade is losing steam. Despite NVIDIA posting what Wintermute called a textbook earnings beat, the stock showed little after-hours movement, suggesting marginal upside surprises are no longer driving prices. If AI momentum continues to fade, macro headwinds may matter more: consumer confidence at record lows, sticky inflation, and a hawkish Federal Reserve under Chair Jerome Powell. Wintermute said crypto assets are unlikely to be insulated. From a structural perspective, Wintermute said Bitcoin's long-term setup remains intact, citing multiyear-low reserves, ongoing accumulation by long-term holders, progress on CLARITY, and HYPE behaving as early-stage tokens typically do. In the near term, though, price action is being dictated by flows, which are currently negative. Wintermute highlighted the $75,000–$76,000 zone as pivotal for BTC. Holding above that range could revive a move toward $80,000, while a break lower could trigger a quick drop toward $70,000–$72,000. (Source: Foresight News)