Crypto selloff deepens as Fed tone turns hawkish and Iran talks stall, Wintermute says Crypto markets took an early hit as dealers digested a shift in Federal Reserve messaging and waning momentum in U.S.-Iran diplomacy, according to market maker Wintermute. Because crypto trades 24/7 while U.S. equities were partly shielded by the Juneteenth market holiday, digital assets “priced in” risk before stock markets could fully respond — creating a timing gap that amplified the move. What happened - The Fed left its target rate at 3.50%–3.75% but shortened its statement and removed an easing bias, signaling officials are closer to potential rate hikes than cuts. Wintermute said that change made traders more cautious across liquid crypto markets, including Bitcoin and Ethereum. - Bitcoin slid from highs near $67,000 earlier in the week to trade in the low $60,000s. Wintermute reported BTC closed down 3.8%, Ethereum fell 1.2%, and altcoins were roughly flat. Intraday lows reached about $62,560 before stabilizing around $62,800. - Spot Bitcoin ETFs logged roughly $68 million in outflows, and analysts cited by Wintermute pointed to the $62,000 area as near-term support, with a June low near $59,200 beneath that. Leverage flush and positioning Wintermute described the move as another “leverage flush”: long positions suffered far more than shorts, indicating many traders had been positioned for a rebound. Ethereum showed the clearest weakness, slipping back below the $2,000 area toward the mid-$1,700s. MicroStrategy buying calms selling fears Earlier worry over a 32 BTC sale eased after MicroStrategy reportedly bought 1,587 BTC for roughly $100 million, quelling concerns the firm had become a forced seller. Crypto.news coverage also noted an additional 520 BTC purchase and an increase in cash reserves. Wintermute cautioned, however, that these purchases and ETF flows now inject less fresh demand than during prior market phases — “the funnels aren’t turning.” What to watch next Two main catalysts could determine whether the selloff continues or stabilizes: - May PCE inflation data: a softer print could relieve rate-pressure on risk assets; stronger inflation would keep bets for further hikes alive. - Diplomacy in the Middle East: stalled Iran deal talks and Qatar-led negotiations over a ceasefire leave geopolitics a key risk. Wintermute said the failed signing of the Iran deal forced crypto to price in added risk while equities were closed. Wintermute’s view: don’t mistake a bounce for a bottom The firm warned that any near-term rebound is likely a trade rather than definitive proof the selloff has ended. For now, Bitcoin’s direction appears tied to Fed pricing, ETF demand, and the next round of diplomatic developments — with traders watching whether fresh inflows return, not just whether prices bounce off support. Read more AI-generated news on: undefined/news
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