According to a recent market report by Odaily Planet Daily, Wintermute stated that despite continued expansion of global liquidity, major central banks' successive interest rate cuts and the end of quantitative tightening, and the stock market remaining at high levels, incremental funds have not flowed into the crypto market, but rather into areas such as stocks, AI, and prediction markets, with only stablecoin supply maintaining growth.

The report points out that the traditional "four-year cycle" theory is no longer applicable to the current market landscape, and the core driver of price movements today is macro liquidity.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 crypto market still depends on the resumption of inflows into ETFs and DAT (tokenized asset trading).