[Wintermute: Macro Factors Dominate Crypto Market, Underlying Structure Trending Healthier]
Market maker Wintermute stated that BTC briefly stabilized last week due to a clearer market positioning structure, but this trend was quickly disrupted by the shock from the Bank of Japan. Although macro factors continue to dominate market movements, the underlying market structure has reached its healthiest state in weeks, with leverage consistently declining, basis and funding rates fully reset, and spot market liquidity performing well. Alternative narratives have weakened, and the strong performance of low-market-cap coins was short-lived, but the vulnerability of mainstream cryptocurrencies in trading may be reduced. This month's dense schedule of macro events will determine market direction, but the prerequisites for market consolidation are already in place.