[Wintermute: Lack of New Buying Support in the Crypto Market, No Effective Support in the $50,000 to $59,000 Range] BlockBeats News, June 9 — Wintermute stated that against the backdrop of high AI valuations, an upcoming IPO financing wave, and persistently high macro interest rates, risk appetite in the crypto market is cooling. In the crypto market, Bitcoin briefly fell below $60,000, triggered by Strategy founder Michael Saylor disclosing that the company sold 32 BTC at the end of May, marking its first Bitcoin sale since 2022. Although the scale of the sale is negligible, its symbolic significance has raised market concerns. Wintermute pointed out that the real issue is not the 32 BTC itself but the continuous net outflows from spot ETFs over the past 10 trading days, with approximately $2.97 billion withdrawn in May. This indicates that U.S. institutional funds are steadily retreating, while the market lacks new buying support. Wintermute believes that the current market weakness has shown early signs: retail funds have been consistently flowing into U.S. equities, U.S. institutional investors have recently turned bearish, and Bitcoin failed to establish effective support in the $50,000 to $59,000 range during its 2024 rally. However, the firm also observed that some long-term funds are gradually building positions through dollar-cost averaging, suggesting that the long-term risk-reward ratio in the current price range is improving. The market's next focal point will shift to the SpaceX IPO on June 12, whose performance will serve as a key indicator of market risk appetite and capital absorption capacity. [Original Link]