Wintermute: Markets consolidate within a range-bound but resilient pattern, with crypto activity narrowing to BTC and ETH.

According to an article published on the X platform by Odaily Planet Daily, Wintermute stated that as broader macro risk tolerance normalizes, the market is consolidating within a volatile but more resilient range. Crypto activity is narrowing towards BTC and ETH, with retail and institutional flows showing a positive skew and relatively low leverage.

After two months dominated by macroeconomic uncertainty, the market is beginning to show greater tolerance for negative inputs. The market has entered a consolidation phase, with price action largely range-bound over the past two weeks.

In the crypto space, this has translated into a digestion period rather than a trend-forming period. BTC has rebounded to around $92,000, and the total market capitalization of the crypto market has rebounded to approximately $3.25 trillion. Last Friday, BTC experienced a sharp intraday drop of around $4,000, triggered by a chain of liquidations, which wiped out approximately $2 billion in just over an hour.

Nasdaq's weakening momentum is driving funds towards high-quality assets, triggering a rotation of funds to mainstream cryptocurrencies, with BTC and ETH simultaneously attracting inflows from both retail and institutional investors. Influenced by the Fed's decision on Wednesday and the Bank of Japan's meeting next week, the market is awaiting macroeconomic clarity; the current basis compression indicates limited directional leverage exposure.