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Report: Market expectations shift from "rate cut" to "rate hike", Bitcoin's rebound momentum weakens

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ME News reports that on May 20 (UTC+8), Wintermute's latest report states that the global market narrative has rapidly shifted from "when will rates be cut" to "whether rates need to be raised." Affected by rising inflationary pressures and above-trend macroeconomic data, the crypto market's momentum has cooled. Bitcoin retreated after briefly breaking above $83,000, and major altcoins generally recorded double-digit declines for the week. The report points out that this rally was mainly driven by short squeezes in the perpetual futures market rather than spot buying support; during the same period, Bitcoin derivatives open interest increased by $10 billion to $58 billion over one month, while spot trading volume fell to a two-year low. Although spot ETFs recently recorded a net inflow of $623 million and exchange Bitcoin reserves fell to a seven-year low, these factors are still insufficient to offset short-term macroeconomic risks. (Source: ODAILY)
BTC1.60%
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