Per Woofun AI, Wintermute disclosed in its latest market report that the recent market rebound was primarily driven by May CPI data aligning with expectations at 4.2% year-on-year, alongside the de-escalation of the Iran conflict which facilitated the reopening of the Strait of Hormuz and a subsequent decline in oil prices.

The firm characterizes the current BTC drawdown from $83,000 to $60,000 as a 'bear market false breakout,' noting three pullbacks exceeding 20% since October 2025. Despite the attractive risk-reward profile near $60,000, Wintermute emphasizes that without a structural reversal in ETF, stablecoin, and digital asset treasury inflows, liquidity constraints persist, leaving open the possibility of further downside testing toward the $50,000 level.