Wintermute analysts say Bitcoin has lost its tailwind from spot ETFs, pushing the entire crypto market into a neutral zone as traders await the next move from the Federal Reserve.

ETF Flows No Longer Propping Up Bitcoin

According to Wintermute, investors yanked $463 million from spot Bitcoin ETFs during the shortened holiday week. That’s the first week of net outflows since June. With that backdrop, the firm says ETF inflows are no longer a catalyst for BTC’s price action.

Crypto Market Moves to Neutral Ahead of Fed Call

Wintermute describes this stretch as a neutral phase: no clear momentum from ETF flows, and everyone waiting to see what the Fed does next. The previous support from spot ETF inflows has dried up, and Wintermute’s analysts say this is leading to a quieter news cycle for Bitcoin right now.