{"id":8016,"date":"2025-10-29T19:13:17","date_gmt":"2025-10-29T19:13:17","guid":{"rendered":"https:\/\/coinsvalue.net\/blog\/max-bid-crypto-now-market-maker-wintermute-turns-fully-bullish\/"},"modified":"2025-10-29T19:13:17","modified_gmt":"2025-10-29T19:13:17","slug":"max-bid-crypto-now-market-maker-wintermute-turns-fully-bullish","status":"publish","type":"post","link":"https:\/\/coinsvalue.net\/blog\/max-bid-crypto-now-market-maker-wintermute-turns-fully-bullish\/","title":{"rendered":"Max Bid Crypto Now: Market Maker Wintermute Turns Fully Bullish"},"content":{"rendered":"

Wintermute, one of crypto\u2019s largest market makers, struck an overtly risk-on tone in a Monday market update on X, arguing that a dovish macro turn and thawing US\u2013China tensions have reset positioning and liquidity into a friendlier Q4 regime. In a post dated October 28, the firm wrote that \u201crisk appetite is returning as softer CPI data and improving Trump-Xi relations lifted markets, with yields easing and volatility declining,\u201d adding that \u201cBitcoin reclaimed $115k on ETF inflows and short squeezes, while DeFi and AI sectors led the recovery.\u201d<\/p>\n

Wintermute’s Bullish Crypto Outlook For Q4<\/h2>\n

The desk framed<\/a> the impulse as both macro- and microstructure-driven. On the macro side, Wintermute pointed to \u201ca softer US CPI print (3.0% YoY vs 3.1% expected)\u201d and \u201cthe announcement of a Trump-Xi summit in Seoul,\u201d which it said catalyzed \u201ca broad rebound across assets\u201d as the S&P 500 gained 1.9%, the VIX hovered \u201caround 16,\u201d and Treasury yields eased with rate-cut odds firming into this week\u2019s Federal Reserve meeting.<\/p>\n

On the crypto side, the update said \u201cBitcoin performed well with a 5.3% gain, climbing above $115k\u2026 amplified by $160m in short liquidations,\u201d while \u201cEthereum tracked higher toward $4,200,\u201d and \u201cgold unwound nearly 7% from its highs, signaling a rotation from defensive assets into risk assets.\u201d<\/p>\n

Wintermute characterized the advance as broadening beneath the surface. \u201cDeFi and AI names led gains on strong protocol revenue prints and improving on-chain activity,\u201d while \u201cUtilities and Tooling benefited from infrastructure-related rotation as new L2 deployments and restaking primitives drew liquidity.\u201d<\/p>\n

Derivatives posture turned supportive, too: \u201cOn the perp side, funding rates turned positive again across most majors\u2026 though positioning remains far from crowded.\u201d The firm also flagged a turn in base money for crypto beta: \u201cStablecoin supply is ticking higher for the first time since September, reinforcing that macro tailwinds are beginning to translate into fresh inflows.<\/p>\n

Spot demand from US spot ETFs, according to Wintermute, continues to anchor the structure even as activity cooled. \u201cUS spot BTC ETFs absorbed moderate inflows through the week even as volumes thinned, underscoring sticky structural demand.\u201d Meanwhile, derivatives leverage \u201cis rebuilding at a measured pace after the early-month flush,\u201d which the firm framed as healthier\u2014\u201ccleaner leverage and more balanced funding.\u201d<\/p>\n

The house view into November is unambiguously constructive and leans on seasonality and positioning. One passage distilled the stance: \u201cWhile Uptober had a bit of a false start, macro tailwinds, cooling inflation, \u2018stabilizing\u2019 geopolitical tension and a dovish FED are setting the stage for a supportive rest of the year, which historically (Q4) has been the strongest for Bitcoin.\u201d<\/p>\n

In its closing summary, Wintermute reiterated that \u201cpositioning is cleaner, volatility subdued, and capital rotation is gradually steering toward crypto. With liquidity conditions improving and sentiment stabilising, the setup into Q4 remains constructive, favouring further risk-on continuation.\u201d<\/p>\n

A Decisive Week For Crypto<\/h2>\n

The note drew immediate amplification from market commentators. DeFi analyst Ignas compressed<\/a> the message into a trading takeaway: \u201cWintermute is telling you to max bid,\u201d citing \u201cyields\u2026 easing, volatility\u2026 down, and BTC reclaimed 115k helped by ETF inflows and short squeezes.\u201d He highlighted Wintermute\u2019s own line that \u201cmacro tailwinds, cooling inflation, \u2018stabilizing\u2019 geopolitical tension and a dovish FED are setting the stage for a supportive rest of the year.\u201d<\/p>\n

Whether this marks an outright regime shift or a tactically favorable window will hinge on this week\u2019s event risk\u2014namely the Fed decision and any concrete outcomes from the Trump\u2013Xi engagement.<\/p>\n

Wintermute, however, is explicit about the current state of play: markets are \u201crotating back into risk\u201d with \u201ccleaner positioning\u201d and \u201ccalmer volatility,\u201d Bitcoin \u201chas reclaimed early-October losses with steady ETF inflows,\u201d and sector leadership in DeFi and AI is consistent with an early-risk rotation. \u201cWith cleaner positioning, calmer volatility, and better macro visibility, the setup into November looks healthy for further recovery and rotation across crypto,\u201d the firm concluded.<\/p>\n

At press time, the total crypto market cap stood at $3.78 trillion.<\/p>\n

\"Total<\/p>\n","protected":false},"excerpt":{"rendered":"

Wintermute, one of crypto\u2019s largest market makers, struck an overtly risk-on tone in a Monday market update on X, arguing that a dovish macro turn and thawing US\u2013China tensions have reset positioning and liquidity into a friendlier Q4 regime. In a post dated October 28, the firm wrote that \u201crisk appetite is returning as softer…<\/p>\n","protected":false},"author":1,"featured_media":8017,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25],"tags":[56,36,258,2521,43,33,3852],"class_list":["post-8016","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency-market-news","tag-bitcoin","tag-crypto","tag-crypto-bull-run","tag-crypto-market-news","tag-crypto-news","tag-cryptocurrency-market-news","tag-wintermute"],"_links":{"self":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/posts\/8016","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/comments?post=8016"}],"version-history":[{"count":0,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/posts\/8016\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/media\/8017"}],"wp:attachment":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/media?parent=8016"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/categories?post=8016"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/tags?post=8016"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}