Wintermute Calls Ethereum ‘Wrong Asset for Macro’ as ETH/BTC Hits 10-Month Low
BeInCrypto
Market maker Wintermute labels Ethereum a poor macroeconomic asset as the ETH/BTC ratio drops to a ten-month low amid weak institutional demand.Summary
Wintermute has characterized Ethereum as the "wrong asset for this macro" environment, citing a 10.2% price decline and the ETH/BTC ratio falling to its lowest level since July 2025. This bearish trend is supported by reduced institutional interest, evidenced by $255 million in outflows from spot Ethereum ETFs, and an increase in exchange reserves that suggests rising sell-side liquidity. Despite this, some data shows large-scale "whale" accumulation, and analysts warn that heavily one-sided short positioning could potentially trigger a short squeeze.
(Source：BeInCrypto)