Wintermute: Weak US Non-Farm Payrolls Drive Risk Asset Rebound, ETF Funds Flow Back into Crypto Market

TechFlow news, August 11, Wintermute released a market update stating that U.S. non-farm payrolls unexpectedly decreased by 23,000 in July, significantly weaker than market expectations, pushing September rate hike expectations down from 55% to 40%, and driving a comprehensive rebound in risk assets. Gold led the weekly gains, while NASDAQ, S&P 500, Bitcoin, and altcoins generally rose, and Brent crude oil fell 6.85%.

In terms of the crypto market, U.S. spot Bitcoin ETFs recorded net inflows for five consecutive trading days, with total weekly inflows of $853.5 million; Ethereum ETFs had weekly net inflows of $244.9 million, totaling approximately $1.1 billion in inflows. Wintermute believes that the return of ETF funds signals positively, but price gains are relatively limited, indicating there is still supply absorption in the market, not yet sufficient to support a full shift to a strongly bullish stance.

Additionally, Wells Fargo announced it will launch tokenized deposit services this fall, initially applied to USD-GBP settlement scenarios for corporate clients, showing that traditional banks are accelerating the migration of settlement infrastructure on-chain. In terms of regulation, U.S. senators have pushed the CLARITY Act into the procedural voting stage, with the relevant vote scheduled for September 15.

Wintermute stated that short-term market focus will shift to the U.S. Consumer Price Index released on August 12; if inflation data strengthens again, the current rebound driven by expectations of rate cuts or a pause in rate hikes may face reversal.