Bitcoin (CRYPTO: BTC) ETFs pulled in $854 million last week, their best haul since April, but the Wintermute over-the-counter desk said more is needed before turning outright bullish.
Why Everything Rallied Last Week Wintermute's weekly market update said the catalyst was a single jobs print.
U.S. payrolls fell 23,000 in July against forecasts of plus 80,000, which knocked September Fed rate hike odds from 55% to 40% and sent risk assets higher across the board.
Weekly Performance by Asset AssetWeekly ReturnGold+7.25%Nasdaq+5.09%S&P 500 (NYSE:SPY)+3.51%Bitcoin+2.15%Ethereum (CRYPTO: ETH)+1.39%Brent Crude-6.85%Source: Wintermute Report Brent crude was the exception, falling 6.85% as Iran and Oman moved toward a navigation framework for the Strait of Hormuz, easing a geopolitical risk premium that had been supporting oil prices.
Why Wintermute Calls the Jobs Report 'Soft for the Wrong Reasons' Unemployment fell to 4.1%, but Wintermute says that's misleading.
