Wintermute: Crypto market loses inflow support, BTC faces short-term pressure

According to Wintermute's weekly market update, Federal Reserve meeting minutes showed most officials expected another rate hike by year-end, with rate cuts unmentioned, while the US 10-year Treasury yield reached multi-decade highs. Consequently, BTC fell 3.2% this week to around the $83,000 level, ETH dropped 7.0%, and the S&P 500 index rose 1.2% to an all-time high. US spot BTC ETFs recorded weekly net outflows of approximately $679 million, marking the largest single-week outflow since June; ETH ETFs saw outflows of $542 million. CoinGlass data indicates roughly $1.19 billion in liquidations within 24 hours near Thursday's low, with long positions accounting for $1.06 billion. ETH faced additional pressure from news that researchers associated with the Ethereum Foundation advised users to migrate to new addresses. BTC's market share rose to approximately 59.5%, representing the most prominent internal signal of the week. Wintermute noted that amid the Fed's inclination toward rate hikes, yields are unlikely to retreat in the short term. Renewed optimism for crypto markets requires simultaneously meeting two conditions: "stabilization of long-end rates" and "spot ETFs resuming net inflows." It advised closely monitoring Wednesday's September CPI data and earnings reports from financial institutions and AI-related companies this week.