Wintermute: Bitcoin's bottom is uncertain and attention needs to be paid to fund flows. Walsh's speech and the US Iran agreement are key According to Foresight News, market maker Wintermute has released its weekly market report. As of the week ending June 15th, the dual benefits of the US Iran ceasefire and CPI data have driven a rebound in market risk appetite. Wintermute believes that Bitcoin has an attractive risk return ratio in its early $60000 position, and every sell-off will eliminate holders with weak will, leaving behind a group with higher chip quality and stronger faith. But it does not mean that the bottom has been established. It is not impossible to fall into the $50000 range before the situation truly improves. At present, the position structure has been cleared and the net selling pressure has also eased. What really needs to be focused on is the flow of funds, not prices or news headlines. The real turning point of the previous cycle was the sustained growth in the inflow of ETF and stablecoin funds, which has not yet shown signs. Therefore, blindly chasing any wave of rising prices is of no use. In the short term, Walsh's speech on Wednesday is crucial. If the dovish sentiment indicates a weakening of core interest rates and a decline in oil prices, the market will usher in positive news; If hawkish sentiment indicates a 4.2% increase in interest rates, then the good news ends. Besides, the agreement signed by the US and Iran in Switzerland on Friday is the truly important event.