TechFlow News, May 20: According to Finance Feeds, Wintermute’s latest report states that the global market narrative has rapidly shifted from “when will rates be cut?” to “will rates need to be raised?”, as rising inflationary pressures and hotter-than-expected macroeconomic data have dampened momentum in the crypto market. After briefly breaking above $83,000, Bitcoin retreated, while major altcoins posted double-digit weekly losses. The report notes that this rally was primarily driven by short squeezes in the perpetual futures market—not by spot buying demand. Concurrently, Bitcoin derivatives open interest rose by $10 billion over the past month to $58 billion, while spot trading volume fell to a two-year low. Although spot ETFs recorded net inflows of $623 million recently and exchange-held Bitcoin reserves dropped to a seven-year low, these factors remain insufficient to offset near-term macro risks.
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