Market maker Wintermute stated in its latest market report that Strategy’s sale of 32 Bitcoin has limited standalone impact; the current downturn is mainly driven by sell-offs from U.S. institutional investors and persistent outflows from Bitcoin ETFs. Wintermute pointed out there is no clear sign of capital inflow recovery, so it does not believe the market has bottomed out. Besides, Bitcoin did not build substantial trading volume between $50,000 and $59,000 during its 2024 rally, leaving this zone without solid technical support. Nevertheless, some long-term capital has begun building positions via staggered purchases at current price levels, viewing improved long-term risk-reward ratios.