Update
Wintermute Adjusts Bitcoin Trading Strategy
Wintermute, a crypto market maker, has adjusted its trading strategy due to the strong influence of macroeconomic factors, particularly the rise in oil prices. Bitcoin's price has declined by 2.43% in the past week, dropping to $80,500, and is now vulnerable to market dynamics driven by the U.S. stock market and the energy sector. Wintermute emphasizes that the cryptocurrency market is now more susceptible to changes in the stock market, where margin debt has reached a record $1.5 trillion. The main trigger for the decline was the sharp reversal in the U.S. spot ETF sector, with net outflows from funds amounting to $636 million, coinciding with the Nasdaq index falling by 2.6%. The week's rotation of capital into defensive and commodity instruments, including Brent oil prices rising to $116.72, has affected the crypto market's performance.