Bitcoin markets remained under pressure on February 10, 2026 as leading market maker Wintermute warned that liquidity is steadily shifting away from crypto and into artificial intelligence focused assets. According to the firm, this rotation is leaving Bitcoin trapped in a fragile trading environment defined by thin spot demand, elevated leverage, and abrupt price swings.
Wintermute noted that Bitcoin recently slipped toward the 60,000 level, erasing gains accumulated earlier in the political and macro cycle. The firm described current conditions as structurally weak, pointing to persistent selling from United States based counterparties and ongoing redemptions from spot Bitcoin exchange traded funds. These forces, it said, are preventing the market from establishing a durable base despite periods of heightened volatility.
One key indicator highlighted by Wintermute is the continued weakness of the Coinbase premium. The metric, often used to gauge US based demand, has remained in negative territory for weeks. This suggests that selling pressure from American investors has outweighed buying interest, reinforcing downside momentum even during brief rebounds. Internal over the counter data cited by the firm shows that institutional sellers have dominated recent flows, amplifying the impact of ETF outflows on spot prices.
At the same time, Wintermute argues that capital is not exiting risk assets entirely but is instead being redirected. Artificial intelligence related equities and tokens have absorbed a growing share of speculative and institutional capital. According to the firm, this shift has crowded out allocation space for crypto assets, leaving Bitcoin and the broader market with reduced liquidity support during periods of stress.
The result has been what Wintermute described as surrender style price action. With spot volumes relatively low, leverage has become the primary driver of short term movement. This dynamic has produced sharp intraday swings without sustained follow through, making both bullish and bearish positioning difficult to maintain. The firm warned that without a meaningful recovery in spot demand, volatility is likely to remain elevated and direction uncertain.
A more durable recovery, Wintermute said, would require several conditions to align. These include a return of consistent spot buying, a positive Coinbase premium, and stabilization in ETF flows. Until then, Bitcoin price discovery is expected to remain dominated by institutional fund movements across derivatives and exchange traded products rather than organic retail participation.
At the time of analysis, Bitcoin was trading near 68,700, hovering above recent lows but lacking strong upside momentum. Within the crypto sector, some AI linked tokens showed mixed performance, reinforcing the view that capital rotation rather than broad risk appetite is shaping current market behavior. For now, Wintermute’s assessment suggests that Bitcoin remains vulnerable as long as AI focused trading continues to attract the majority of available liquidity.
