Analysis: ETF inflows and short covering supported Bitcoin's recent rise, while market divergence highlighted global tensions.

CoinFeed reported on April 29th that, according to Wintermute market analysis, the S&P 500 and Nasdaq closed at record highs on Friday, crude oil rose approximately 15% for the week, while the US consumer confidence index fell to a record low of 49.8. US-Iran negotiations broke down, and the US naval blockade continued. Bitcoin remained above $76,000, spot ETFs saw net inflows for eight consecutive days, exchange reserves fell to a seven-year low, and short sellers continued to be squeezed. Wintermute believes that Bitcoin's rise is mainly driven by short covering and trading optimism, rather than macro confirmation signals. The FOMC meeting and earnings reports from Microsoft, Meta, Apple, and Amazon will be key testing points. If earnings reports from major tech stocks fall short of expectations, triggering a stock market sell-off while Bitcoin remains strong, it will be the strongest store of value signal in this cycle; if Bitcoin falls in tandem, it confirms that it remains highly correlated with risk assets.