Wintermute stated that crypto is losing support from capital flows, while equities remain backed by earnings expectations. Last week, BTC fell 3.2% and ETH dropped 7.0%, with U.S. spot BTC and ETH ETFs recording $679 million and $542 million in net outflows, respectively. BTC ETF outflows were the largest weekly total since late June. The firm believes a sustained recovery requires long-term Treasury yields to stabilize and spot ETF flows to turn positive. Until then, BTC remains vulnerable to volatility and downside risks.