BlockBeats News, June 9th, Wintermute stated that amid soaring AI valuations, approaching IPO frenzy, and persistently high macro interest rates, the risk appetite in the crypto market is cooling off.

On the crypto market front, Bitcoin once fell below $60,000, triggered by Strategy founder Michael Saylor's disclosure of selling 32 BTC at the end of May, marking the first BTC sale since 2022. Although the scale of the sell-off was negligible, its symbolic significance raised market concerns. Wintermute pointed out that the real issue is not the 32 BTC itself but the continuous 10-day net outflow of spot ETFs and a total outflow of around $2.97 billion in May, indicating a continuous withdrawal of US institutional funds while the market lacks new buying support.

Wintermute believes that the current market weakness has long been foreshadowed: retail funds continue to flow into US stocks, US institutional investors have recently turned bearish, and Bitcoin did not establish effective support in the $50,000 to $59,000 range during the 2024 rally. However, the institution also sees some long-term funds gradually accumulating positions through a dollar-cost averaging method, believing that the long-term risk-return ratio in the current price range is improving. The next market focus will shift to the SpaceX IPO on June 12th, and its performance will serve as a crucial indicator to measure market risk appetite and fund acceptance ability.