Wintermute sees Bitcoin holding up better than Nasdaq and altcoins

Wintermute reported that Bitcoin fell 1.99% over the week, a smaller decline than the Nasdaq's 5.52% drop and the roughly 5.69% slide across altcoins. The market maker highlighted $82,500 as key support and $87,000 as major resistance, while US spot Bitcoin ETFs saw $679 million in net outflows. It described Bitcoin as a relative defensive asset within crypto, not a risk-free safe haven.

Wintermute’s weekly note put Bitcoin’s loss at 1.99%, versus 5.52% for the Nasdaq and roughly 5.69% for altcoins; Ether fell 7%. It identified $82,500 as a decisive floor and $87,000 as a significant ceiling. Bitcoin briefly slipped to $80,400 before rebounding, alongside $679 million in net outflows from US spot Bitcoin ETFs.

The firm said money is concentrating in more liquid crypto assets as altcoin flows become one-sided. Correlations among the 50, 100, and 250 largest cryptocurrencies have risen, it noted. Wintermute described Bitcoin as a comparatively defensive holding inside crypto, not a no-risk shelter, and said a Fed decision could bring further weakness or a rebound.