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Wintermute: The true bottom of the crypto market has not yet arrived, and liquidity faces competition from AI stocks.

WuSaidBlockchainW
Wu learned that the latest report from Wintermute shows that the current crypto market decline is related to the retreat of AI trading, the consecutive decline of the Nasdaq, the strengthening of the US dollar, and expectations of high interest rates. The report states that BTC broke below $60k this week and touched the 200-week moving average; ETH fell 7.9%. Wintermute believes that market sentiment has entered an extremely pessimistic range, and the proportion of on-chain loss-making supply has increased, indicating that capitulation is happening. However, ETFs are still experiencing outflows, and channels such as stablecoins and digital asset treasury companies (DAT) have not yet resumed buying. Therefore, the current situation is more like the late stage of a bear market rather than a confirmed bottom. The report also mentions that Strategy's new framework allows for the monetization of up to approximately $1.25 billion in BTC for the first time. Although this helps reduce capital structure risk, it also indicates that the "permanent buying" of Bitcoin treasury companies is becoming conditional.
BTC-1.84%
ETH-0.36%
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VinylRecordStaking
· 3h ago
The later stage of a bear market ≠ bottoming out. This wording is cautious enough—probably because of lessons learned from several fake bounces before.
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GateUser-d6fb8ff1
· 3h ago
Extreme pessimism zone... This sounds like a bottom advertisement, but the data doesn't look like it.
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GateUser-03ce08c7
· 3h ago
The 200-week moving average has broken, on-chain loss supply is rising, and veteran investors are starting to cut losses again.
View OriginalReply0
GateUser-6da8ed4c
· 3h ago
ETF is still outflowing, stablecoins are quiet, and DAT is not buying either, where does the money come from?
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GateUser-9d67589f
· 3h ago
Wintermute's report is quite honest, it doesn't stubbornly call the bottom, admitting that capitulation is happening is better than many obstinate analysts.
View OriginalReply0

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