Oct 29, 2025
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Wintermute Sees Bullish Q4 for Crypto Amid Macro Tailwinds
Wintermute's Positive Crypto Outlook for Q4
- Wintermute indicates a favorable Q4 environment due to improved US-China relations and softer CPI data, which have enhanced risk appetite.
- Bitcoin has risen above $115k, supported by ETF inflows and short squeezes.
- Ethereum is approaching $4,200, while gold has decreased by nearly 7%, showing a shift from defensive to risk assets.
- DeFi and AI sectors are leading gains with strong protocol revenue and increased on-chain activity.
- Stablecoin supply is increasing, suggesting fresh inflows into crypto markets.
- US spot BTC ETFs continue to absorb inflows despite reduced volumes, indicating strong structural demand.
- Derivatives leverage is rebuilding steadily, contributing to a more balanced market.
A Decisive Week for Crypto
- The Fed decision and outcomes from the Trump-Xi summit will significantly impact market dynamics.
- Wintermute notes that cleaner positioning and calmer volatility are conducive to continued market recovery and rotation.
At press time, the total crypto market cap is $3.78 trillion.
