Lookonchain APP

App Store

Wintermute: Crypto Market Lacks New Buying Interest, $50,000 to $59,000 Range Has No Significant Support

2026.06.09 19:13:41

June 9: Wintermute flagged that surging AI valuations, a looming IPO frenzy, and persistently high macro interest rates are cooling risk appetite in the crypto space. On the crypto front, Bitcoin briefly dipped below $60,000 after Michael Saylor, founder of Strategy, disclosed in late May that he sold 32 BTC—his first Bitcoin sale since 2022. While the selloff’s scale is negligible, its symbolism stoked market jitters. Wintermute notes the real issue isn’t the 32 BTC itself: it’s 10 consecutive days of net outflows from spot Bitcoin ETFs, plus roughly $2.97 billion in total outflows logged in May. This signals ongoing withdrawals by U.S. institutional funds, with no fresh buying power stepping in to offset the gap. Wintermute says the current market weakness was long in the making: retail funds have been pouring into U.S. stocks lately, U.S. institutional investors have grown bearish, and Bitcoin failed to establish solid support in the $50,000–$59,000 range during its 2024 rally. That said, the firm does see long-term funds gradually building positions via dollar-cost averaging (DCA), arguing the long-term risk-reward profile looks more favorable at current price levels. Moving forward, the next key market focus shifts to SpaceX’s IPO on June 12, whose performance will act as a critical gauge of overall market risk appetite and investors’ willingness to deploy capital.
Relevant content

Pakistani official: Houthi militants halting attacks on Saudi Arabia is a prerequisite for a US-Iran ceasefire.

Yemen’s Houthi group said Thursday it struck two Saudi oil tankers. A Pakistani official noted that a cessation of Houthi attacks on Saudi Arabia and other Gulf states would be a "precondition for the resumption of U.S.-Iran talks," adding that Pakistan has conveyed this message to Iran.

3 minutes ago

Coinbase Institutional maintains a neutral outlook on the crypto market for Q3.

Coinbase Institutional and Glassnode have jointly released a market report, maintaining a neutral outlook for the cryptocurrency market in Q3 2026. In Q2, the total market cap of the crypto sector excluding stablecoins fell by approximately 12%, while stablecoin supply hit an all-time high. On-chain data indicates Bitcoin may be transitioning from a correction/adjustment phase to an accumulation phase, marked by valuation compression, near-term active supply hovering near multi-year lows, and the share of profitable supply dropping below its historical statistical lower bound — a level that has historically correlated with accumulation rather than distribution zones. However, the macro liquidity environment remains tight. The Federal Reserve, led by Kevin Warsh, has maintained a hawkish stance, with the U.S. dollar strengthening; combined with geopolitical risks, selling pressure from digital asset treasuries, and net outflows from BTC and ETH spot ETFs in the first half of the year (though the outflow pace has begun to slow), the report’s overall outlook remains cautious.

3 minutes ago

Pakistan is exploring ways to restart US-Iran talks, while short-term losses in WTI and Brent crude oil have widened.

Three Pakistani sources said Pakistan is exploring ways to restart US-Iran talks to end the nearly five-month-long war. The sources added that Iranian Interior Minister Eskandar Momeni held exploratory talks during his visit to Islamabad this week — his second trip to the Pakistani capital in the past 10 days. According to a Pakistani government statement, Momeni, who is viewed as having close ties to Iran’s Revolutionary Guard, met this week with Pakistani government leaders and military chief Asim Munir. All three sources warned that barriers to holding talks with the United States remain high. According to Bitget market data, the short-term decline of both WTI and Brent crude oil has widened to around $1.5. Brent crude oil plunged 4% on the day, trading at $91.11 per barrel. WTI crude oil fell below $89 per barrel, logging a 4.26% daily decline.

3 minutes ago

The U.S. Senate may fail to pass the CLARITY Act before its summer recess.

U.S. Senate Majority Leader John Thune said the CLARITY Act is unlikely to be passed before the summer recess, but he hopes to at least initiate full Senate consideration of the bill before the break. The crypto industry had previously viewed August 7 as a key window for the bill to pass this year; if delayed until the fall, the likelihood of it being enacted into law in 2026 will decrease. White House crypto advisor Patrick Witt, meanwhile, noted that the Senate could still take action on the bill in the first week of August, though the chances of a final vote in July remain low. (CoinDesk)

3 minutes ago

Iran's Foreign Minister: There is no shortage of mediators between Iran and the US, the problem lies with the US itself.

Local time on the 24th, Iranian Foreign Minister Al-Araghi said in an interview that there is no "lack of intermediary" between Iran and the U.S., with the crux lying in Washington's policies and practices. Al-Araghi emphasized that Iran will not succumb to U.S. pressure, nor will it accept threats, coercion or forced measures, adding that it will continue to safeguard the interests of the Iranian people and those related to the Strait of Hormuz. He stated that Iran will keep taking actions until the legitimate goals and demands of the Iranian people are fulfilled. (CCTV)

3 minutes ago

World Foundation raises $52.5 million via token sale, led by Pantera Capital.

World Foundation, the non-profit organization behind the World Protocol, announced it has raised $52.5 million in new capital via a strategic sale of WLD tokens, with all tokens subject to a one-year lock-up period. The "first closing" of the token sale was led by Pantera Capital, with other investors including Bain Capital Crypto, WLD’s asset management firm Eightco Holdings, Selini Capital, and Susquehanna Crypto. It remains unclear if the foundation plans additional token sales after this first closing. The foundation noted that the WLD tokens sold in the transaction "are intended for internal use within the World Network and do not represent any investment rights, profit, or return entitlements." A spokesperson clarified that this means WLD purchased by investors does not constitute equity in Tools for Humanity, the for-profit company backing the World Network.

3 minutes ago