Wintermute: Crypto market liquidity is showing the characteristics of "recycling"

Golden Finance reported that digital asset market maker Wintermute released the latest report stating that the current cryptocurrency market is in a period of deep consolidation, and its core driving factor is liquidity recycling; Market funds are significantly withdrawing from high-risk assets and continuing to concentrate on the two leading targets in the crypto space - Bitcoin and Ethereum. This round of strategic capital rotation, which began at the end of 2025, shows that in the context of heightened macroeconomic uncertainty, both institutional investors and senior retail investors have shifted to a strategy of “taking risks”, with asset quality and liquidity as the primary considerations.