Wu Blockchain has learned that Wintermute released its latest market update, stating that the recent crypto market downturn is linked to the retreat of AI trading, consecutive declines in the Nasdaq, a stronger dollar, and expectations of high interest rates. The report notes that BTC dropped 5.9% this week, briefly falling below $60,000 and touching the 200-week moving average; ETH fell 7.9%. Wintermute believes market sentiment has entered an extremely pessimistic zone, with the proportion of on-chain supply in loss increasing, indicating capitulation is underway. However, ETFs are still seeing outflows, and buying activity from channels like stablecoins and Digital Asset Treasury (DAT) companies has yet to recover. As a result, this feels more like the late stage of a bear market rather than a confirmed bottom. The report also highlights that even if the macro environment improves, new liquidity may prioritize AI stocks over the crypto market. The new Strategy framework allows for up to $1.25 billion in BTC monetization, which suggests that the "permanent buy pressure" from Bitcoin treasury companies is becoming conditional. https://(wublock123.com)/news/wintermute-crypto-market-bottom-not-yet-ai-stock-liquidity-competition-63730