Wintermute Calls Ethereum ‘Wrong Asset for Macro’ as ETH/BTC Hits 10-Month Low

Wintermute says Ethereum (ETH) is the “wrong asset for this macro” after ETH fell 10.2% last week. In addition, the ETH/BTC ratio collapsed to 0.0275, its lowest reading since July 2025. The market maker noted that Ethereum continues to lag across both spot and derivatives markets. Several additional indicators also pointed to a bearish outlook