Wintermute: The drop in BTC below $62,000 was not due to Strategy selling off coins; the real selling pressure came from US institutions.

According to ME News, on June 9th (UTC+8), market maker Wintermute released its weekly market analysis report, stating that Bitcoin fell below $62,000 last week, a weekly drop of approximately 14%, hitting a new low since September 2024. Wintermute believes that although Strategy founder Michael Saylor's disclosure of the sale of 32 BTC attracted market attention, the transaction size was negligible. The real reason for the market weakness was the continued reduction in holdings by US institutional investors and the outflow of funds from spot Bitcoin ETFs. Wintermute pointed out that the US added 172,000 non-farm jobs in May, far exceeding the market expectation of approximately 80,000, while job openings rose to a near two-year high, and the services price index reached a new high since August 2022. Strong economic data weakened market expectations for a Federal Reserve rate cut, pushing the 10-year US Treasury yield up to 4.55%, creating a "good news is bad news" macroeconomic environment that put pressure on risk assets. Meanwhile, the rally in AI concept stocks slowed, with the Nasdaq falling 4.7% for the week and the S&P 500 recording its first weekly decline since March. Wintermute believes that the AI sector correction, rising yields, and the upcoming SpaceX IPO collectively weakened market risk appetite. In the crypto market, the US spot Bitcoin ETF saw net outflows for 10 consecutive trading days as of May 30, accumulating approximately $2.97 billion in outflows. May's net outflows reached $2.43 billion, marking the worst monthly performance since 2026. Wintermute OTC data shows that retail funds continue to flow into US stocks, while US institutional investors have recently turned bearish and led the sell-off. However, Wintermute believes there are also positive signals in the market, including long-term funds gradually building positions at current prices, and from a more than one-year perspective, Bitcoin's risk-reward ratio is becoming more attractive. The report points out that SpaceX's IPO on June 12 will be a key indicator of market risk appetite. If the offering is successfully absorbed, it could help boost market sentiment; conversely, it could exacerbate pressure on risky assets. (Source: ME)