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

Odaily 讯 "1011 Insider Whale" agent Garrett Jin posted on X platform, stating that Wintermute's view has been interpreted as "the traditional bull cycle for cryptocurrencies is over," which is a very superficial take. Institutions have not ended the bull market; they have changed it. As institutional assets under management 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 deepening 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 an "allocation-driven, institutionally positioned, institution-grade volatility" mechanism.