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Wintermute argues that the current move has been dominated by derivatives activity and forced repositioning

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Alex Richardson.

Bitcoin’s upside remains tied to macro stability as BTC trades near $81,000.

Key facts

Summary

Market maker Wintermute says traders may want to reconsider what kind of rally they are looking at with bitcoin. Key Takeaways Wintermute says BTC’s latest rise is squeeze-driven, with leverage and shorts lifting price in 1 move. Bitcoin bulls face weaker spot demand, leaving BTC’s rally more fragile across crypto markets in 2026. Wintermute says BTC needs stronger spot flows next, or 1 sharp reversal could test breakout hopes.

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