Wintermute: BTC wipes out all gains from the Trump election, liquidating over $2.7 billion.

Wintermute released a market update stating that Bitcoin has given back all its gains since Trump's election in November 2024, with over $2.7 billion in liquidations over the weekend. BTC briefly fell below $80,000 and dipped to $60,000, the first time since April 2025. Wintermute pointed out that this decline was driven by US funds, with the Coinbase premium remaining negative and spot ETFs experiencing net outflows of approximately $6.2 billion since November, of which IBIT is both the largest holder and a significant source of supply. Meanwhile, crypto assets are exhibiting a bearishly skewed performance relative to the broader market, with AI themes continuing to draw market funds. Unless the Coinbase premium turns positive, ETF funds flow back in, and the basis stabilizes, a sustained rebound is unlikely in the short term.