Wintermute: CPI met expectations last week + Iran conflict ended BTC rebounded but crypto liquidity has not yet reversed

Wintermute said in its latest market report that the market rebounded significantly last week, mainly driven by two major factors: first, the May CPI data was in line with expectations (4.2% year-on-year), and there was no higher-than-expected rise that the market had previously feared; second, the Iranian conflict ended, the Strait of Hormuz was reopened, and oil prices fell sharply.<br /> Wintermute believes that Bitcoin has experienced three pullbacks of more than 20% since October 2025, and this round of pullback from US$83,000 to US$60,000 is a "bear market false breakthrough." At present, there has been no structural reversal in capital inflows from ETFs, stablecoins and digital asset treasury (DAT), and liquidity remains a key factor restricting the sustainability of the rebound.<br /> The report pointed out that BTC's risk-reward ratio around US$60,000 is attractive, but the bottom has not yet been confirmed, and the possibility of further testing into the US$50,000 range is not ruled out.