Wintermute: Macroeconomic factors still dominate encryption trends, underlying structure has become healthy.

According to Foresight News, market maker Wintermute stated that the support level for BTC stabilized briefly last week due to a clearer market holdings structure, but before a true consolidation could form, the shock from the Bank of Japan (BOJ) quickly shattered it. Macro factors remain the dominant force in market trends, but the underlying market structure has been the healthiest it has been in weeks. Leverage has continued to decline, and the basis and financing rates have been fully reset. Despite the shock from the Bank of Japan, the liquidity in the spot market has still absorbed the capital flows well. Although alternative narratives continue to fade and the strong performance of low market capitalization coins is fleeting, the trading vulnerability of mainstream crypto assets may significantly decrease. While this month's busy macro event schedule will determine market direction, at least the prerequisites for market consolidation are finally in place.