Wintermute: ETH Is 'Not the Right Asset' for This Macro — Down 10.2% This Week!

Ethereum fell 10.2% this week, continuing to underperform across both spot and derivatives markets, with the ETH/BTC ratio pressing down to 0.0275. Algorithmic trading firm Wintermute said bluntly that Ethereum is "not the right asset for this macro" as rising Treasury yields and reaccelerating inflation reshape institutional risk appetite.

Wintermute also flagged the difficulty facing BTC bulls at current levels: being outright long Bitcoin requires confidence that institutional investors will step back in despite the deteriorating macro backdrop — a bet that may be premature until markets fully digest the shifting yield environment.

The dual warning — bearish on ETH structurally, cautious on BTC tactically — reflects a broader institutional hesitation toward risk assets as the macro picture grows more complex heading into the second half of the year.