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<h2 id="b-tldr-b">TLDR:</h2>
<ul>
 <li>Wintermute confirms long-term funds are buying BTC in OTC tranches with an 18-month price outlook.</li>
 <li>BTC and ETH ETFs shed nearly $2B in combined outflows over ten days, the longest streak since launch.</li>
 <li>Wintermute places key BTC downside support between $60,000 and $65,000 amid summer weakness.</li>
 <li>Crypto missed two straight weeks of the equity rally as AI earnings drove rotation into Nasdaq stocks.</li>
</ul>
Crypto market maker Wintermute reports that long-term funds have begun accumulating Bitcoin through OTC desks in tranches, even as spot prices sit near $72,000. 
The firm’s June 1 market update says these buyers see current levels as attractive on an 18-month horizon. The move comes as BTC and ETH ETFs recorded nearly $2 billion in combined outflows over ten days, marking the longest redemption streak since their launch.
<h2 id="b-btc-otc-desks-record-quiet-accumulation-from-long-duration-holders-b">BTC OTC Desks Record Quiet Accumulation From Long-Duration Holders</h2>
BTC OTC activity is picking up from longer-term oriented funds, Wintermute <a href="https://x.com/wintermute_t/status/2061766692142022809?s=20" rel="noopener noreferrer nofollow">confirmed</a> in its weekly update. The firm stated that it is “<cite>seeing longer-term holders start to TWAP into the market through the OTC desk, with no appetite to call the exact bottom but a view that these levels look attractive on an 18-month basis.”</cite>
The move comes in tranches rather than single large orders, a method that avoids moving spot price.
<a href="https://blockonomi.com/wintermute-expands-into-prediction-markets-as-segment-tops-60b-in-2026/" rel="noopener noreferrer nofollow">Wintermute</a> placed key downside support between $60,000 and $65,000. That range represents the floor longer-term holders appear to be referencing when sizing their positions.
The firm described the setup as “relatively weak into the summer months” but noted the underlying cycle looks more like a reset than a structural breakdown.
<div class="embed-x">
 <blockquote class="twitter-tweet">
 Wintermute: Long-Term Funds Are Buying BTC in OTC Tranches
 Wintermute, a leading crypto market maker and OTC desk, said crypto has failed to follow the broader risk-asset rally for two straight weeks, as about $2 billion flowed out of BTC and ETH ETFs while fresh capital moved… <a href="https://t.co/cZqp2a2CEu" rel="noopener noreferrer nofollow">pic.twitter.com/cZqp2a2CEu</a>
 — Wu Blockchain (@WuBlockchain) <a href="https://x.com/WuBlockchain/status/2061821681346490830?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 2, 2026</a>
 </blockquote>
</div>
The OTC accumulation stands in contrast to what is happening in the ETF market. BTC spot ETFs recorded approximately $1.4 billion in outflows during the most recent week, extending the longest redemption streak since their launch. 
ETH ETFs shed around $240 million over the same period. Between May 20 and May 29, combined BTC and<a href="https://parameter.io/ethereum-eth-price-retreats-to-2130-as-geopolitical-risks-and-etf-outflows-mount/" rel="noopener noreferrer nofollow"> ETH ETF outflows</a> reached nearly $2 billion.
Strategy, the largest corporate Bitcoin holder, began selling during this window as well. That development added to bearish sentiment across crypto-native circles. 
Wintermute noted that “<cite>the bid that carried BTC from $70k to $80k in April is gone,”</cite> with the marginal dollar now sitting in Nvidia, Dell, and small-cap equities instead.
<h2 id="b-crypto-sits-out-the-equity-rally-as-macro-pressure-persists-b">Crypto Sits Out the Equity Rally as Macro Pressure Persists</h2>
Wintermute noted that crypto has now missed two consecutive weeks of the broader risk-asset rally. The firm said <cite>“the risk-on rotation went into Nasdaq and the Russell 2k” while crypto, described as “the most risk-sensitive cross-asset class, got skipped.”</cite> The <a href="https://moneycheck.com/sp-500-eyes-historic-ninth-consecutive-weekly-gain-as-dell-skyrockets-on-ai-boom/" rel="noopener noreferrer nofollow">S&amp;P 500</a> logged its ninth straight green week, gaining 1.9%, while the Nasdaq rose 8% on the month.
The macro backdrop explains part of the divergence. April PCE printed at 3.8% headline, with core rising to 3.3%. The bond market is pricing a 35–40% probability of a rate hike before year-end. 
Wintermute flagged that <cite>“it’s not unthinkable to see stagflation and double dip inflation pop up again in Q3,”</cite> particularly with AI-driven demand keeping the broader economy hot.
Equities are climbing through that backdrop on the strength of an AI earnings story. Wintermute observed that “<cite>equities aren’t rallying because the macro improved — they’re rallying because AI earnings keep printing and the market is choosing to look through everything else.”</cite> Crypto has no equivalent narrative, leaving it fully exposed to the same headwinds the equity market is bypassing.
Near-term catalysts include Wednesday’s CPI and PPI data and the Monday launch of CME Nasdaq crypto index futures. 
Wintermute identified <a href="https://coincentral.com/ethereum-eth-price-short-liquidations-funding-rates-and-etf-flows-explained/" rel="noopener noreferrer nofollow">ETF flows</a> as the key metric to watch, noting that “sustained inflows marked the institutional return in April” and that their continued absence is “what’s keeping spot heavy.”
The post <a href="https://blockonomi.com/wintermute-long-term-funds-are-buying-btc-in-otc-tranches-amid-etf-outflows/" rel="noopener noreferrer nofollow">Wintermute: Long-Term Funds Are Buying BTC in OTC Tranches Amid ETF Outflows</a> appeared first on <a href="https://blockonomi.com" rel="noopener noreferrer nofollow">Blockonomi</a>.

Wintermute: Long-Term Funds Are Buying BTC in OTC Tranches Amid ETF Outflows

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