Wintermute Analysts Comment on Bitcoin Rising and Highlight the Importance of RWAs for the New Bull Period

Analysts at Wintermute, one of the largest market making companies in the crypto world, commented on the sharp rise in Bitcoin in recent weeks. Stating that the long and boring horizontal trend period has been broken with the strong performance in the last two weeks, analysts wrote that money has started to enter the existing liquidity channels again.

What is needed for the new bull market…

Wintermute analysts also stated that they cannot say with certainty that a bull season has started yet, and that other signals need to be seen for this:

"In order for a real bull market to start and continue strongly, there must not only be a rise in prices, but also new and large capital inflows. Because behind every major crypto bull in the past, there were actually reasons and 'gates' that provided capital inflows. ICOs in 2017/18, stablecoins in 2021, and ETFs in 2024 were the biggest channels of this capital inflow."

“RWAs in the new bull cycle…”

Stating that the channels that provided the old cycles are now 'old' and new channels are needed, analysts emphasized the importance of real-world assets:

"The new cycle needs a new channel, and we think that the strongest candidate that continues to grow right now is RWA. The real world asset market is currently over $30 billion... The interesting thing is that the RWA space continues to grow even during the period when the stablecoin supply is shrinking... Therefore, we think that a new channel is forming. We see that the money is now sitting on the blockchain, even if the coin is not purchased. In fact, this is the critical change and it can be said that we are still in the very early days. The biggest obstacle to real world assets until now was regulations. Now this is the case." “We see that the obstacles are starting to disappear.”

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