Wintermute's view is quite calm. The ETF inflows look lively, but the annual capital is still negative. Structural problems have not been solved. Don't rush to call a reversal.

CoinWorld News, Wu learned that crypto market maker Wintermute stated in its latest market weekly report that the recent rise in the crypto market is more like a "relief rally," mainly driven by factors such as weaker U.S. employment data, a shift in the Fed's policy expectations toward a dovish stance, easing tensions in the Middle East, and progress in the institutionalization of Ethereum, rather than a structural improvement in the market. Wintermute pointed out that although the Bitcoin spot ETF has ended a streak of 10 consecutive trading days of net outflows, recording a net inflow of approximately $222 million on July 2, the cumulative net capital flow for the year remains significantly negative, so it remains cautious about a trend reversal.