{"id":56876,"date":"2025-11-13T16:00:44","date_gmt":"2025-11-13T13:00:44","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=56876"},"modified":"2025-11-13T14:49:14","modified_gmt":"2025-11-13T11:49:14","slug":"wintermute-bitcoin-price-may-face-deeper-losses","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/wintermute-bitcoin-price-may-face-deeper-losses\/","title":{"rendered":"Wintermute: Bitcoin Price May Face Deeper Losses"},"content":{"rendered":"<p data-start=\"54\" data-end=\"439\"><a href=\"https:\/\/coinengineer.net\/blog\/56807-2\/\"><strong>Bitcoin (BTC)<\/strong><\/a> continues to maintain a strong correlation with the <a href=\"https:\/\/coinengineer.net\/blog\/animoca-brands-takes-major-step-toward-nasdaq-listing\/\"><strong>Nasdaq<\/strong><\/a>-100 index, but recent data suggests a shift in how the world\u2019s largest cryptocurrency reacts to market movements. According to a recent report by Wintermute, Bitcoin is responding more sharply to Nasdaq declines than to its rallies \u2014 a sign that market sentiment is tilting toward fatigue rather than enthusiasm.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/wintermute-bitcoin-price-may-face-deeper-losses\/#Bitcoins_Correlation_with_Nasdaq_Weakens_in_Sentiment\" title=\"Bitcoin\u2019s Correlation with Nasdaq Weakens in Sentiment\">Bitcoin\u2019s Correlation with Nasdaq Weakens in Sentiment<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/wintermute-bitcoin-price-may-face-deeper-losses\/#Short-Term_Outlook_and_Key_Levels\" title=\"Short-Term Outlook and Key Levels\">Short-Term Outlook and Key Levels<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/coinengineer.net\/blog\/wintermute-bitcoin-price-may-face-deeper-losses\/#On-Chain_Metrics_Support_Spot_Demand\" title=\"On-Chain Metrics Support Spot Demand\">On-Chain Metrics Support Spot Demand<\/a><\/li><\/ul><\/nav><\/div>\n<h3 data-start=\"446\" data-end=\"504\"><span class=\"ez-toc-section\" id=\"Bitcoins_Correlation_with_Nasdaq_Weakens_in_Sentiment\"><\/span>Bitcoin\u2019s Correlation with Nasdaq Weakens in Sentiment<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p data-start=\"506\" data-end=\"911\">While Bitcoin\u2019s correlation with the Nasdaq remains relatively high at around 0.8, the nature of that correlation has changed. When equities fall, Bitcoin tends to drop more aggressively, yet when the Nasdaq rebounds, Bitcoin\u2019s reaction appears muted.<br data-start=\"757\" data-end=\"760\" \/>This \u201cnegative performance skew\u201d pattern was last observed during the 2022 bear market \u2014 a period marked by investor exhaustion rather than strength.<\/p>\n<p data-start=\"913\" data-end=\"1323\">Wintermute attributes this shift to two main factors. First, both institutional and retail investors have shifted capital away from cryptocurrencies toward mega-cap tech stocks. Second, overall crypto liquidity has weakened due to a slowdown in stablecoin issuance, lower ETF inflows, and reduced market depth. Together, these conditions make Bitcoin more vulnerable to downside moves when risk assets retreat.<\/p>\n<h3 data-start=\"1330\" data-end=\"1367\"><span class=\"ez-toc-section\" id=\"Short-Term_Outlook_and_Key_Levels\"><\/span>Short-Term Outlook and Key Levels<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p data-start=\"1369\" data-end=\"1744\">After briefly pulling back, Bitcoin managed to hold above its key support levels, showing no major structural changes on the chart. In the short term, breaking out of a minor descending trend will be crucial.<br data-start=\"1577\" data-end=\"1580\" \/>If BTC manages to reclaim the $105,500 resistance level \u2014 previously rejected \u2014 a move toward the $106,700 region could follow, indicating renewed bullish momentum.<\/p>\n<p data-start=\"1369\" data-end=\"1744\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-182230 aligncenter\" src=\"https:\/\/coinmuhendisi.com\/blog\/wp-content\/uploads\/2025\/11\/bitcoin-2.jpg\" alt=\"\" width=\"1280\" height=\"657\" \/><\/p>\n<h3 data-start=\"1751\" data-end=\"1791\"><span class=\"ez-toc-section\" id=\"On-Chain_Metrics_Support_Spot_Demand\"><\/span>On-Chain Metrics Support Spot Demand<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p data-start=\"1793\" data-end=\"2230\">On-chain data, particularly the Coinbase Premium Index, points to strengthening spot buying activity. Bitcoin\u2019s recent upward moves appear to be supported by organic demand rather than speculative leverage.<\/p>\n<p data-start=\"1793\" data-end=\"2230\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-182231 aligncenter\" src=\"https:\/\/coinmuhendisi.com\/blog\/wp-content\/uploads\/2025\/11\/onchain.jpg\" alt=\"\" width=\"1280\" height=\"602\" \/><br data-start=\"1999\" data-end=\"2002\" \/>Coinbase remains dominated by buyers, while Binance has shown heavier selling pressure in recent weeks. However, recent signs of renewed buying on Binance suggest improving sentiment and potential accumulation at current levels.<\/p>\n<p data-start=\"1793\" data-end=\"2230\">*This content does not contain investment advice.<\/p>\n<p data-start=\"1793\" data-end=\"2230\"><em>You can present your own thoughts as comments about the topic. Moreover, you can follow us on <a href=\"https:\/\/t.me\/coinengineernews\" target=\"_blank\" rel=\"noreferrer noopener\">Telegram\u00a0and\u00a0<\/a><a href=\"https:\/\/www.youtube.com\/@CoinEngineer\" target=\"_blank\" rel=\"noreferrer noopener\">YouTube<\/a>\u00a0channels for this kind of news.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) continues to maintain a strong correlation with the Nasdaq-100 index, but recent data suggests a shift in how the world\u2019s largest cryptocurrency reacts to market movements. According to a recent report by Wintermute, Bitcoin is responding more sharply to Nasdaq declines than to its rallies \u2014 a sign that market sentiment is tilting<\/p>\n","protected":false},"author":29,"featured_media":56879,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,2],"tags":[61,477,944,60,577,1615],"class_list":["post-56876","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-news","tag-bitcoin","tag-bitcoin-analysis","tag-bitcoin-news","tag-btc","tag-nasdaq","tag-technical-analysis"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Wintermute: Bitcoin Price May Face Deeper Losses - Coin Engineer<\/title>\n<meta name=\"description\" content=\"According to a report published by Wintermute, Bitcoin reacts more strongly to Nasdaq declines than to rises.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/wintermute-bitcoin-price-may-face-deeper-losses\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wintermute: Bitcoin Price May Face Deeper Losses - 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