ETF buying momentum weakens + structural improvement not yet achieved = range-bound fluctuation; the rebound driven by PCE or geopolitical easing is only a trading opportunity, not a bottom. Increasing BTC holdings as a strategy is just to ease selling pressure, not a rallying call.

CryptoWorld News reports that Wu Shuo learned that Wintermute said in its latest market report that current leverage in the crypto market has been clearly cleared. The strategy of continuing to increase Bitcoin holdings has also eased prior concerns about selling; however, the marginal demand brought by major buyers such as ETFs and strategies has weakened compared with the earlier stage. Wintermute believes that before there is a structural improvement in capital flows, the market’s best-case scenario may be to maintain range-bound fluctuations rather than kick off a new upward cycle. It also noted that if U.S. PCE data weakens or tensions in the Middle East ease, the market may rebound, but it is more likely to be a trading rebound rather than a confirmation of a bottom.