Wu learned that crypto market maker Wintermute stated in its latest weekly market report that the recent crypto market rally appears more like a "relief rally," driven mainly by weaker U.S. employment data, a dovish shift in Federal Reserve policy expectations, easing tensions in the Middle East, and progress in Ethereum institutionalization, rather than structural improvements in the market. Wintermute pointed out that although Bitcoin spot ETFs have ended a streak of 10 consecutive trading days of net outflows, recording approximately $222 million in net inflows on July 2, the cumulative capital flows for the year remain significantly negative, so it remains cautious about a trend reversal.