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BTC 
ETH Cryptocurrency market maker Wintermute analyzes market dynamics after analyzing U.S. inflation data
Cryptocurrency market maker Wintermute analyzed the rise of Bitcoin and Ethereum after the release of U.S. inflation data in June. The company said that the structure of the cryptocurrency market is showing signs of recovery, but the upward trend has not yet been confirmed.
The U.S. consumer price index (CPI) fell 0.4% month-on-month in June, the largest monthly decline since April 2020. Annual inflation also fell from 4.2% to 3.5%, lower than market expectations of 3.8%.
After the release of inflation data, markets generally ruled out the possibility of the Federal Reserve raising interest rates in July. However, renewed tensions between the United States and Iran and renewed discussions on the issue of port blockades led to a 15.54% rise in Brent crude oil prices that week.
The performance of risky assets is differentiated. During the same period, Ethereum rose 3.64%, Bitcoin rose 1.46%, while the Nasdaq index fell 4.16%.
After the release of U.S. inflation data, Bitcoin soared from approximately US$62,000 to US$64,900 in a short period of time. Ethereum also rose 7% at one point to $1,884. Due to the rapid rise in the market, about $134 million in short positions were cleared within an hour.
Spot Bitcoin ETFs traded in the United States recorded a net inflow of approximately US$191 million on Tuesday and Wednesday, ending a ten-consecutive day of outflows of ETF funds. Wintermute said recent inflows were a positive development, but compared with a record net outflow of US$4.5 billion in June, the current scale was not enough to confirm the formation of a new trend.
The company pointed out that despite the sell-off of chip stocks, Bitcoin was able to maintain its gains even after the release of inflation data, indicating that the structure of the cryptocurrency market has improved. However, the market has not yet formed a clear upward trend.
Wintermute stated that if the spot bitcoin ETF records continuous net inflows for a consecutive week and the bitcoin price remains above US$66,000 for several trading days, then the relative strength of the market can be confirmed.
However, the company added that if Brent crude oil prices exceed US$90 or the Strait of Hormuz are officially closed, macroeconomic risks may intensify again and positive assessments of the cryptocurrency market will expire.
