Wintermute Weekly Report states that the market rebound this week was mainly driven by two points: the US May CPI met expectations, and core inflation dropped to 2.9%; at the same time, the end of the Iran conflict and the reopening expectations of the Strait of Hormuz pushed oil prices down, with the US dollar and US Treasury yields declining in tandem, leading to a recovery in risk assets. Wintermute says that the rebound of BTC from the low of $60k does not mean a structural bottom; the previous rise from the low $60k to $83k was more like a bear market rebound. Currently, ETF, stablecoin, and Digital Asset Treasury (DAT) fund flows have not shown a clear reversal, and with low trading volume in summer, there may still be volatility or even a dip to the $50k range. It believes that what truly needs attention is not the price and news, but whether ETF and stablecoin fund flows continue to return.