WuBlockchain
Wintermute told clients this week that Ethereum is "not the right asset for this macro," as ETH fell 10.2% over the past seven days and the ETH/BTC ratio pressed 0.0275 — a level that reflects persistent underperformance across both spot and derivatives markets.
Why it matters
The desk attributed the stance to a shifting macro backdrop: rising Treasury yields and renewed inflation concerns are squeezing the kind of duration-sensitive, growth-correlated flows that tend to bid ETH harder than BTC. Wintermute's framing is that, in this regime, ETH's relative-thesis components — staking yields, Layer-2 throughput, real-world asset settlement — lose purchase with marginal buyers, while BTC's store-of-value narrative still commands a bid even if a weaker one.
Market impact
The note stopped short of an outright bearish call on ETH but argued that being long BTC at current levels means betting institutional investors will step back in despite the rate backdrop — a bet Wintermute described as difficult until markets fully digest the shifting macro picture. ETH/BTC at 0.0275 now sits within striking distance of cycle lows, and the desk's language suggests the pair is not yet showing signs of mean-reversion.
Frequently asked questions
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What did Wintermute actually say about Ethereum?
Wintermute told clients that ETH is "not the right asset for this macro," citing rising Treasury yields and renewed inflation concerns as a backdrop that hurts duration-sensitive flows that typically bid ETH harder than BTC.
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How much did ETH fall this week per Wintermute's note?
Wintermute reported ETH fell 10.2% over the past seven days, continuing to underperform across both spot and derivatives markets, with the ETH/BTC ratio pressing 0.0275.
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What does ETH/BTC at 0.0275 mean?
An ETH/BTC ratio of 0.0275 means one ETH is worth 0.0275 BTC. The level sits near multi-year lows and signals persistent Ethereum underperformance versus Bitcoin across the recent cycle.
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Is Wintermute bearish on BTC too?
Wintermute did not call a top on BTC but argued that going long BTC at current levels requires betting institutional investors return despite the rate backdrop — a bet the desk called difficult until markets fully digest the shifting macro picture.
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Why is the macro backdrop hurting ETH more than BTC?
Rising Treasury yields and reaccelerating inflation tend to compress growth- and duration-correlated assets. Wintermute's view is that ETH's relative-thesis drivers — staking yields, Layer-2 throughput, real-world asset settlement — lose purchase with marginal buyers in that regime, while BTC's store-of-value…
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