According to reports from Wu, Wintermute's latest market update shows that the cryptocurrency market is currently oscillating in a more resilient range, with funds concentrating back to BTC and ETH. Both retail and institutional investors are bullish but with low leverage positions.
BTC has returned to about $92,000, with a total market cap of approximately $3.25 trillion. Last week, it dropped about $4,000 due to a chain of liquidations, but the market quickly absorbed the selling pressure and did not continue downward.
The basis between futures and spot prices is compressing, and the implied volatility at the end of the year is relatively high, as funds await signals from the Federal Reserve and macroeconomic clarity, leaning towards Delta neutral and Carry strategies, with range oscillation still being the main melody.
