Wintermute: Crypto Market Liquidity Exhibiting "Cyclical Reuse" Characteristics
Jinse Finance reported that digital asset market maker Wintermute has released its latest report, indicating that the current cryptocurrency market is undergoing a period of deep consolidation, primarily driven by liquidity recycling. Market capital is noticeably withdrawing from high-risk assets and is continuously concentrating on the two leading crypto assets—bitcoin and ethereum. This round of strategic capital rotation, which began at the end of 2025, suggests that against the backdrop of increasing macroeconomic uncertainty, both institutional investors and experienced retail investors have shifted to a “selective risk-taking” strategy, prioritizing asset quality and liquidity as their main considerations.
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