Wintermute: Bitcoin falls below $60000, institutional funds continue to flow out

According to Wintermute, the risk appetite in the cryptocurrency market has cooled down against the backdrop of high AI valuations, approaching IPO financing waves, and high macro interest rates. Bitcoin fell below $60000 at one point as Strategy founder Michael Saylor revealed that the company sold 32 BTC at the end of May, marking the first time Bitcoin has been sold since 2022. Despite its small scale, the symbolic significance raises concerns. Wintermute pointed out that spot ETFs have had a net outflow for 10 consecutive days, with a cumulative outflow of about $2.97 billion in May. US institutional funds continue to withdraw, and the market lacks new buying opportunities. Bitcoin has not formed effective support in the $50000 to $59000 range, but some long-term funds are currently investing and building positions. Market attention is focused on the performance of SpaceX's IPO on June 12th.