Wintermute, a prominent crypto market maker, reports that Bitcoin has outperformed major asset classes, excluding crude oil, amid escalating Middle East tensions. As Brent crude surged 26% this week, Bitcoin also saw gains, contrasting with declines in stocks, bonds, and gold. The report highlights a return of institutional buying, evidenced by the recovery of the Coinbase premium, ETF inflows, and increased OTC trading. However, Wintermute cautions that Bitcoin faces significant resistance at $74,000 and $80,000, and with less than 200 days since the last cycle low, the market should temper expectations for a rapid recovery.