According to a recent report by the crypto market maker Wintermute, the cryptocurrency market has been left out of the rally while the S&P 500 index recorded its ninth consecutive week of gains.

Wintermute noted in the report, "Bitcoin ETFs are experiencing their longest streak of outflows (redemptions) since their launch, and strategy ETFs have also entered a selling phase." They added, "This is a typical bearish trend that has already been ongoing for a considerable period," analyzing that "the reason is simple: the stock market is driven by solid earnings reports, but the cryptocurrency market is not."

However, the long-term outlook for the cryptocurrency market remains relatively optimistic. Wintermute projected, "The current market cycle appears to be resetting, and relative weakness is expected to continue through the summer."

In addition, they stated, "Long-term investors have begun entering the market via over-the-counter (OTC) trading using the TWAP (Time-Weighted Average Price) method," adding, "Although it is difficult to predict the exact bottom, current levels look attractive from an 18-month perspective."