ME News reports that on June 9 (UTC+8), market maker Wintermute released its weekly market analysis, noting that Bitcoin fell below $62,000 last week, posting a weekly decline of approximately 14%—the lowest level since September 2024. Wintermute believes that although Michael Saylor, founder of Strategy, drew market attention by disclosing the sale of 32 BTC, the transaction size was negligible; the true driver of market weakness has been sustained selling by U.S. institutional investors and outflows from spot Bitcoin ETFs. Wintermute highlighted that U.S. non-farm payroll data for May added 172,000 jobs, significantly exceeding market expectations of around 80,000, while job openings rose to their highest level in nearly two years. The services price index hit its highest level since August 2022. These strong economic indicators dampened market expectations for Federal Reserve rate cuts, pushing the 10-year U.S. Treasury yield up to 4.55%, creating a “good news is bad news” macro environment that pressured risk assets. Meanwhile, momentum in AI-related stocks has softened, with the Nasdaq index falling 4.7% for the week and the S&P 500 recording its first weekly decline since March. Wintermute believes that the correction in the AI sector, rising yields, and the upcoming SpaceX IPO have collectively eroded market risk appetite. In the crypto market, U.S. spot Bitcoin ETFs have experienced net outflows for 10 consecutive trading days through May 30, totaling approximately $2.97 billion in outflows, with May’s net outflow reaching $2.43 billion—the worst monthly performance since 2026. Wintermute’s OTC data shows retail capital continues to flow into U.S. equities, while U.S. institutional investors have recently turned bearish and dominated selling activity. However, Wintermute also sees positive signals: long-term capital is gradually accumulating at current price levels, and over a time horizon exceeding one year, Bitcoin’s risk-reward profile is becoming increasingly attractive. The report notes that the SpaceX IPO on June 12 will serve as a key barometer for market risk appetite; a smooth issuance could help lift sentiment, while any difficulties may further pressure risk assets. (Source: ODAILY)
Wintermute: BTC Drop Below $62,000 Not Due to Strategy Sell; U.S. Institutions Drive Sell-Off
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Summary
Last week, the BTC price fell below $62,000, dropping 14% to its lowest level since September 2024, according to Wintermute’s weekly report. The decline was not driven by a strategic sell-off but by U.S. institutions reducing positions and outflows from ETFs. BTC dominance held steady amid mounting macro pressures, as strong U.S. jobs data and rising Treasury yields weighed on risk assets. AI stocks and the Nasdaq both plunged sharply, while the S&P 500 posted its first weekly decline since March. Spot Bitcoin ETFs recorded $2.97 billion in outflows over 10 days, with total outflows for May reaching $2.43 billion. Institutional selling contrasted with retail inflows into U.S. equities. Wintermute highlighted positive indicators of long-term capital accumulation, improving the one-year outlook for BTC prices. The SpaceX IPO on June 12 will serve as a test of market sentiment.
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