On October 13, Wintermute stated that the Federal Reserve's minutes show that most officials expect another rate hike within the year, with a roughly 20% probability of a rate increase by the end of October. The yield on 10-year U.S. Treasury bonds rose to 5.24%. The S&P 500 rose 1.2% last week to reach a new high, but the crypto market remains weak: U.S. stocks are supported by earnings expectations, while crypto relies more on incremental capital. After a reversal in capital flows, its six-week counter-trend rally is difficult to sustain. Bitcoin fell last week from $86,000 to $87,000, dropping to around $80,400 on Thursday before rebounding above $83,000. The U.S. spot Bitcoin ETF saw a net outflow of approximately $679 million last week, the largest single-week outflow since late June, while the Ethereum ETF experienced a net outflow of about $542 million. Wintermute noted that only when long-term yields stabilize and spot ETF funds see a return to net inflows will the outlook improve. Currently, the downside risk for Bitcoin is high, making it unwise to chase low-quality altcoins; if the yield on 30-year U.S. Treasuries breaks 5.64% or Bitcoin continues to struggle around $82,500, a cautious stance will be adopted.