Wu Says learned that Wintermute released its latest market update, stating that the recent crypto market decline is related to the retreat of AI trading, consecutive drops in the Nasdaq index, a stronger dollar, and expectations of high interest rates. The report notes that BTC fell 5.9% this week, briefly dropping below $60k and touching the 200-week moving average; ETH fell 7.9%. Wintermute believes that market sentiment has entered an extremely bearish zone, with the on-chain loss-making supply ratio rising, indicating that capitulation is occurring. However, ETFs are still seeing outflows, and channels such as stablecoins and Digital Asset Treasury (DAT) companies have not yet resumed buying, so the current situation is more like the late stage of a bear market rather than a confirmed bottom. The report also points out that even if the macro environment improves, new liquidity may prioritize flowing into AI stocks over the crypto market. Strategy’s new framework allows for the monetization of up to approximately $1.25 billion in BTC for the first time, which also means that the "permanent buy" of Bitcoin treasury companies is becoming conditional.