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**[Wintermute: BTC Needs to Regain Momentum to Drive Broad Market Recovery]** On November 18, Wintermute released a report stating that over the past week, the market has primarily digested the sharp adjustment in expectations for a December rate cut, with the probability of a rate cut dropping from 70% to 42%. Federal Reserve Chair Jerome Powell's ambiguous stance on rate cuts has led the market to reassess the differences among FOMC members, resulting in a general weakening of risk assets, with the crypto market being hit the hardest. The report pointed out that digital assets continue to underperform across asset classes, with BTC and ETH lagging behind even altcoins during this downturn. This is partly because altcoins had already been experiencing prolonged declines, while niche sectors like privacy coins have shown resilience. Additionally, whale position adjustments have exacerbated volatility, even though the selling pressure lacks fundamental deterioration and is primarily driven by macroeconomic factors. Wintermute believes that the current macroeconomic backdrop remains favorable, but market recovery requires BTC to return to the upper range of its volatility band. The stabilization of leading assets is a critical signal. Policy and interest rate expectations may serve as key catalysts, and once BTC regains momentum, the market will have a solid foundation for broad recovery.