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 Odaily Odaily, 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 of positions by US institutional investors and the outflow of funds from spot Bitcoin ETFs. Wintermute points out that the US added 172,000 non-farm jobs in May, far exceeding market expectations of approximately 80,000. Meanwhile, job openings rose to a near two-year high, and the services price index hit its highest level since August 2022. This strong economic data weakened market expectations for a Federal Reserve rate cut, pushing the 10-year 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 pullback, rising yields, and the upcoming SpaceX IPO collectively weakened market risk appetite. In the cryptocurrency market, the US spot Bitcoin ETF saw net outflows for 10 consecutive trading days as of May 30, with a cumulative outflow of approximately $2.97 billion. The net outflow for May 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 are leading the sell-off. However, Wintermute believes there are also positive signs in the market, including long-term funds gradually building positions at current prices. From a longer-term perspective (over a year), Bitcoin's risk-reward ratio is becoming more attractive. The report points out that the SpaceX IPO on June 12th 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 risk assets.