Key Takeaways:
Wintermute said exchange-traded fund (ETF) outflows, not Strategy’s 32 BTC sale, drove bitcoin below $62,000.U.S. spot Bitcoin ETFs lost $2.97B in 10 days, signaling weaker institutional demand.Wintermute sees accumulation near $62K but says fresh inflows must return to confirm a bottom.Wintermute said the recent weakness comes as broader risk appetite is being tested. A stronger-than-expected U.S. jobs report pushed Treasury yields higher and reduced expectations for near-term Federal Reserve rate cuts. The U.S. added 172,000 jobs in May, compared with expectations of about 80,000, while April was revised up to 179,000 from 115,000.
Still, the labor market is showing strain beneath the headline numbers. Jobless claims rose to 225,000, their highest since February, and announced layoffs increased for a third straight month, with companies citing AI as a key factor.
The firm also flagged the June 12 SpaceX market debut as a key test of risk appetite. A strong placement could steady markets, while weak demand may signal broader exhaustion.
