Core Insights - The recent market update from Wintermute indicates that the cryptocurrency market is experiencing a resilient range-bound movement, with capital flowing back into BTC and ETH, showing a bullish sentiment from both retail and institutional investors, albeit with low leverage [1] Market Overview - BTC has returned to approximately $92,000, with a total market capitalization of about $3.25 trillion [1] - Despite a significant drop of around $4,000 in one hour last week, which triggered approximately $2 billion in liquidations, the market quickly absorbed the selling pressure without continuing the downward trend [1] Trading Strategies - The compression of the basis between futures and spot prices, along with elevated implied volatility towards the end of the year, suggests that capital is awaiting clear signals from the Federal Reserve regarding monetary policy [1] - Investors are leaning towards Delta-neutral and Carry strategies rather than pursuing directional opportunities in altcoins, indicating that range-bound trading remains the prevailing theme [1]
Wintermute：加密市场维持区间震荡，资金回流 BTC 与 ETH
Sou Hu Cai Jing·2025-12-09 12:40