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Crypto market maker Wintermute is warning that Bitcoin's current rally could be a trap for buyers if exchange-traded fund demand does not return to support the move.
The firm's caution puts the spotlight on institutional flows rather than price action itself — a distinction that matters when separating genuine trend shifts from short-squeeze noise.
What Wintermute Is Watching Wintermute's concern centers on the absence of sustained ETF inflows as a confirmation signal.
In past cycles, spot Bitcoin ETFs have served as a visible proxy for institutional appetite: when money moves in, it shows up in public custody figures and daily flow data.
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