The digital asset market has seen growth following inflation data from the U.S. and news of a preliminary agreement between the U.S. and Iran. This was noted by experts at Wintermute.

Source: Wintermute.

Bitcoin has stabilized above $66,000 after a drop earlier this month. This positive trend is attributed to a slowdown in the core Consumer Price Index, the potential reopening of the Strait of Hormuz, and the lifting of the U.S. blockade on Iranian ports.

Inflation in the U.S. stood at 4.2% year-on-year, aligning with analysts' forecasts. Meanwhile, the core index fell to 2.9%, signaling a deceleration in price growth.

Another contributing factor was information about a preliminary agreement between the U.S. and Iran, scheduled for June 19 in Switzerland. In this context, Brent crude oil prices dropped to $80, and government bond yields decreased.

Over the past week, Bitcoin gained 1.9%, while Ethereum showed weak performance, declining by 0.4%. Despite the local rebound, capital inflow into crypto assets remains low. There is an outflow of funds in the spot ETF and stablecoin segments, with institutional investors currently favoring the stock market.

Analysts referred to the recent rise from $60,000 as a "bear market rally." They believe that structural changes in liquidity are necessary for a sustainable trend towards $100,000. Currently, there are no signs of new money entering the market, so sideways movement is expected this summer.

A key event this week will be the Federal Reserve's meeting. Investors are anticipating updated forecasts from the regulator. If the authorities adopt a dovish stance due to cheap oil, the growth of risk assets may continue. Otherwise, the market could test levels below $60,000 again. Wintermute advised monitoring inflows into ETFs rather than news headlines.

Experts concluded that it is premature to discuss long-term growth until there is a stable inflow of funds into ETFs and stablecoins. The baseline scenario for the summer remains consolidation.

As a reminder, Galaxy Research concluded that the current Bitcoin market cycle has not yet reached its bottom, and the price could drop to the $40,000-46,000 range.