Wintermute：机构买盘退潮，加密市场与股市走势背离
深潮 TechFlow 消息，5 月 26 日，Wintermute 发文，截至 5 月 25 日，BTC 报约 76,600 美元（周跌 1.5%），ETH 报约 2,140 美元（周跌 1.7%），而美股标普 500 指数同期创历史新高，加密市场与权益市场明显背离。BTC 现货 ETF 单周再度流出约 12.6 亿美元，两周累计流出逾 20 亿美元，此前支撑 BTC 从 7 万美元涨至 8 万美元的机构买盘已明显退潮。
ETH/BTC 比值续创 10 个月新低，较 8 月高点累计下跌 35%。宏观层面，密歇根消费者信心指数跌至历史低位 44.8，一年期通胀预期升至 4.8%；英伟达 Q1 营收同比增长 85%、Q2 指引 910 亿美元，但盘后几乎未有反应，显示 AI 交易已充分定价。Wintermute 指出，当前 BTC 关键支撑位于 75,000–76,000 美元，若守住则有望重测 80,000 美元；若跌破，70,000–72,000 美元将快速打开，短期方向取决于机构资金是否重返市场。
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