Wintermute says some stock outflows are shifting into crypto despite rate hike fears

Some money leaving stocks is moving into cryptocurrencies as crypto has held up better than equities despite rising expectations of a U.S. rate hike, Wintermute said in an X post. Wintermute said stronger-than-expected August U.S. jobs data pushed BTC down from $82,400 to below $80,000, but the token still rose 3.45% on the week and spot Bitcoin ETFs posted $987 million in net inflows. It added that cryptocurrencies usually weaken when expectations for rate hikes increase, but last week they outperformed major assets other than oil. Wintermute said it would revise that view if BTC falls decisively below $72,000 and ETF flows turn into clear net outflows.