CoinVoice has recently learned that Wintermute stated in its latest market report that, despite the ongoing global liquidity expansion, major central banks cutting interest rates one after another, and the end of quantitative tightening, the stock market remains at a high level. However, incremental funds have not flowed into the cryptocurrency market, but rather have directed more towards stocks, AI, and prediction markets, with only stablecoin supply continuing to grow.

The report points out that the traditional 'four-year cycle' theory is no longer applicable to the current market landscape. Nowadays, the core driving force behind price trends is macro liquidity. Wintermute believes that the current market structure remains robust, leverage risks have been fully cleared, and volatility is relatively controllable, but the true recovery of the cryptocurrency market still relies on the restart of ETF and DAT (tokenized asset trading) fund inflows. [Original link]