After reading Wintermute's report, I can only sigh. With the double blow of the AI downturn and a strengthening US dollar, BTC can't even hold 60k. ETFs are still bleeding. This isn't just a correction; it's a vacuum zone where liquidity has been drained.

Wintermute’s latest market update says that the crypto market pullback is being driven by the retreat of AI trading, a weaker Nasdaq, a stronger U.S. dollar, and expectations of high interest rates. BTC has fallen to below $60,000 this week, and ETH is down 7.9%. Market sentiment is extremely bearish: on-chain loss supply is rising and signs of capitulation are emerging. However, ETFs are still seeing outflows, and buy-side pressure from stablecoins and DAT channels has not yet recovered—current conditions look more like the later stage of a bear market. Even if the macro backdrop improves, any new liquidity may prioritize AI stocks. BTC’s treasury “permanent bids” are becoming conditional, with an estimated monetization cap of about $125 million.