Wintermute states that the rally in the US stock market is spreading from AI chip stocks to the software sector, while the crypto market has failed to follow risk assets for two consecutive weeks. The report says that approximately $2 billion has recently flowed out of BTC and ETH ETFs, with more incremental funds flowing into AI stocks and small-cap stocks. Meanwhile, long-term funds have begun to buy BTC in batches through OTC channels, believing that the current price is attractive over the next 18 months; Wintermute estimates that BTC is currently around $72k, with key support levels below at the $60k to $65k range. The report also points out that HYPE has broken through $70 and continues to hit new all-time highs, becoming one of the few mainstream tokens this year that has decoupled from the overall crypto market trend. Funds are now mainly flowing into application layer and trading platform projects rather than infrastructure tracks.