造市商Wintermute於最新市場報告中表示，Strategy拋售32枚比特幣帶來的衝擊本身規模有限，本波跌勢主要是美國機構投資者賣壓、加上ETF持續資金外流所驅動。Wintermute提到，當前尚未看見資金明顯回流，因此暫不判定行情已經觸底。另外比特幣2024年上漲階段，在5萬至5.9萬美元區間並未累積足夠成交量，該價位區缺少強勁技術支撐。但部分長期資金已經採取分批買進的方式在現價區間佈局，看好長期風險收益比逐步改善。

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.