Wintermute: There is a clear lack of buying for BTC at the current price, and the market is still very fragile Odaily Planet Daily News: Wintermute stated in an article that the decline in cryptocurrency this week is more driven by macro factors rather than specific currency factors. The weekend's decline digested the first wave of geopolitical panic, while the rebound was due to the market believing that Bitcoin had fallen 45% from its historical high, with most of the bearish sentiment being absorbed by the market. But the impact of energy factors has been underestimated. The sustained high oil prices may keep inflation high, and central banks around the world had hoped for inflation to cool down, which could further delay the US interest rate cut. Cryptocurrencies are at a disadvantage in this game. Late last week, there was a reversal in ETF fund flows, with a net inflow exceeding $1 billion, ending five consecutive weeks of fund outflows. Although the outflow of funds so far this year is still as high as about 4.5 billion US dollars, long-term holders still seem to have limited holdings, and most of the recent selling is related to speculative positions rather than institutional investors' exits. Based on the current trading situation, institutional participation is significantly lower than the trading range of $85000 to $95000 between November last year and September this year. At that time, institutional trading was more active, especially when prices were falling. Nowadays, at the current price point, there is a clear lack of buying interest. The market appears to be very fragile.