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Wintermute: The crypto market lacks growth narratives similar to AI, making it difficult to attract new capital.
On the macro level, the U.S. core PCE index for April rose to 3.3% year-over-year, indicating persistent inflationary pressure. Despite Brent crude oil prices dropping about 20% this month to around $91, the yield on the 10-year U.S. Treasury fell back to 4.45%, and the market still expects a 35% to 40% chance of rate hikes within the year.
In contrast, AI-driven software and technology sectors continue to deliver strong performance, pushing the Nasdaq index up about 8% this month, with funds further flowing into the U.S. stock market.
Analysts believe that the current crypto market lacks a growth narrative similar to AI, making it difficult to attract new capital. Besides Bitcoin and Ethereum, market highlights mainly focus on Hyperliquid’s ecosystem token HYPE, which broke through $70 and continues to strengthen, becoming one of the few assets decoupled from the broader market rally.
In the short term, the crypto market still faces pressure, but long-term capital has begun to gradually deploy. Future ETF capital flows and U.S. inflation data will remain key factors influencing market trends.