"1011 Insider Whale" Agent: Wintermute's View Misinterpreted, Institutional Participation Driving Market Shift from Speculation to Allocation

Odaily News "1011 Insider Whale" agent Garrett Jin posted on the X platform, stating that Wintermute's view has been misinterpreted as "the traditional bull market cycle for cryptocurrencies is over." He believes such an interpretation is quite superficial, arguing that institutions have not ended the bull market but rather transformed it. As the assets under management (AUM) of institutions increase, asset prices tend to rise while volatility decreases. BTC and ETH are undergoing a transition from a speculative mechanism to an allocation mechanism. Wintermute's actual viewpoint is that with the deepening of institutional participation, top crypto assets led by BTC and ETH are evolving from speculative tools into allocatable assets. The current market changes do not signify the end of a bull market but rather a structural shift from a "retail-driven, high-volatility, Meme-dominated" phase to a "allocation-driven, institutionally positioned, institutional-grade volatility" mechanism.