Bitcoin ETF Outflows Hit $679M as Wintermute Warns Crypto Has “Nothing Underneath”

Wintermute says crypto is losing flow support as Bitcoin ETFs shed $679M and Ethereum ETFs lose $542M. Which levels matter next? Crypto is losing its flow support, and last week’s numbers show it. Bitcoin fell 3.2% and Ethereum dropped 7.0%, according to Wintermute. U.S. spot Bitcoin ETFs recorded $679M in net outflows, while Ethereum ETFs lost $542M. The Bitcoin figure was the largest weekly total since late June. Meanwhile, the S&P 500 set a record. Wintermute says the split comes down to earnings. Q3 earnings growth estimates for the S&P 500 sit near 29% year over year and are still rising. That profit growth is paying for a 10-year Treasury yield of 5.24%. Crypto has no earnings to offset those yields.

First reported by Live Bitcoin News. This page is a short excerpt; the full text is theirs.