Wintermute: Continued conflict or suppression of risk assets

Wintermute stated that cryptocurrency, as a high beta growth asset, continues to face pressure as the growth risk premium rises and the Federal Reserve is unable to take action. The outflow of ETF funds, although temporarily interrupted, still reflects short-term reality. The current headwinds include the disruptive impact of artificial intelligence, deglobalization, and energy supply disruptions. If oil prices remain high and the Federal Reserve remains inactive, funds may continue to flow into hard assets, commodities, and value assets, making it difficult for cryptocurrencies to gain buying support. If the conflict lasts longer than expected, high energy costs may reshape interest rate expectations and widely suppress risk assets.