Wintermute: Bitcoin Could Still Drop to $50K Despite Recent Rebound Above $65K

According to Wintermute strategist Jasper De Maere, Bitcoin could still drop toward the $50,000 zone despite its recent rebound above $65,000. Last week, BTC rebounded from the low-$60,000 area, supported by two factors moving in the same direction: May's U.S. consumer price index rose to 4.2% as expected, and progress toward resolving the United States-Iran conflict eased geopolitical tensions, dragging Brent crude oil down from over $110 to around $80.

However, Wintermute argues that key liquidity channels show no clear reversal. Assets under management at crypto treasury companies have fallen from $220 billion to $140 billion, ETFs are experiencing their longest outflow streak since launch, and stablecoin inflows are declining. Until capital flows turn higher, Wintermute does not rule out Bitcoin revisiting the $50,000 zone.