Wintermute Warns Bitcoin Risks Slide to Low $70,000s Amid ETF Outflows

Bitcoin trades near $76,700 after retreating from above $80,000, with roughly $1 billion in spot ETF outflows and subdued on-chain activity signaling rising correction risk. The narrative turned positive in early May after JP Morgan’s Bitcoin collateral pilot, Coinbase’s survey showing 75% of institutions viewing BTC as undervalued, and Ark Invest’s $28 trillion crypto market forecast by 2030. CoinShares data also revealed 32% of managers holding Bitcoin. However, high-for-longer inflation, rising Treasury yields, and fading institutional demand have shifted sentiment to caution, leaving prices vulnerable between $72,000 and $80,000 with Wintermute now warning of a move into the low $70,000s.