[Wintermute: Bitcoin's Rise Aligns More with a Relief Rally Rather Than the Start of a New Bull Market] Odaily Planet Daily News – Wintermute released a market analysis stating that weaker U.S. employment data and dovish comments from Federal Reserve official Waller have driven a rebound in global risk assets. Bitcoin and Ethereum have recently outperformed major U.S. stock indices. Bitcoin's rise has been primarily driven by factors such as continued accumulation by whales, increased bullish sentiment in the options market, improved on-chain data, and better spot ETF fund flows. Ethereum, on the other hand, has been more supported by institutional adoption and expectations for the development of tokenized infrastructure. However, Wintermute believes that this round of gains aligns more with the characteristics of a "relief rally" rather than the start of a new long-term bull market. Despite improvements in the macro environment and sustained institutional positioning boosting market sentiment, Bitcoin spot ETFs have still seen a net outflow of approximately $2.73 billion year-to-date. Until there is a sustained improvement in ETF fund flow trends, the current market should still be viewed as a sentiment recovery rather than a structural reversal.