Bitcoin Surges on Weak Jobs Data as Whales Accumulate 270K BTC, but Wintermute Calls It Rebound, Not New Bull Run

According to Wintermute analysis shared by BlockBeats on July 7, Bitcoin and Ethereum rallied as U.S. non-farm payrolls data fell short of expectations and Fed official remarks were read as dovish, driving a broad risk-asset rebound. Bitcoin outpaced the S&P 500 and Nasdaq, with whale wallets accumulating over 270,000 BTC near the 200-week moving average and options markets shifting toward bullish positions in the $60,000–$70,000 strike range. Bitcoin spot ETF inflows also reversed recent outflows, bolstering sentiment.

However, Wintermute characterized the rally as a relief rebound rather than the start of a new bull market. Citing Bitcoin spot ETF outflows of $2.73 billion year-to-date, the analysis suggested that until ETF flows stabilize into a sustained trend, the current move should be viewed as sentiment recovery, not a structural reversal.