Max Bid Crypto Now: Market Maker Wintermute Turns Fully Bullish

Wintermute, a prominent crypto market maker, expressed a bullish outlook for Q4, citing improved macro conditions and easing US-China tensions. They observed a return of risk appetite fueled by softer CPI data, leading to a broad asset rebound with Bitcoin reclaiming $115k due to ETF inflows and short squeezes. The firm noted that DeFi and AI sectors led the recovery, driven by strong protocol revenue and increased on-chain activity. Stablecoin supply is also increasing, indicating fresh inflows into the crypto market, reinforcing the positive trend. US spot BTC ETFs absorbed moderate inflows, underscoring constant structural demand and derivatives leverage is rebounding at a measured pace, indicating healthier market dynamics. Wintermute believes cooling inflation, stabilizing geopolitical tensions, and a dovish Federal Reserve are creating a supportive environment for the rest of the year, historically strong for Bitcoin. The firm sees improved liquidity conditions and stabilizing sentiment setting the stage for further risk-on continuation in the crypto market. They emphasize cleaner positioning, subdued volatility, and gradual capital rotation towards crypto, implying a healthy setup for further recovery. This outlook depends on upcoming events such as the Fed decision and outcomes from the Trump-Xi summit.