Wintermute: The real price level to watch for Ethereum is around $1600.

Wintermute noted that Bitcoin has repeatedly failed to break the $70,000 mark since the liquidation crisis two weeks ago. The lack of buying pressure is more compelling than the price range itself. Price action is volatile, illiquid, and within a narrow range, lacking clear support. Ethereum fell below $1,900 this week; this level is more psychologically significant than technically, and the real level to watch is around $1,600. Despite price stabilization, institutional demand doesn't appear to have recovered, a trend clearly seen in the previous $85,000 to $95,000 price range. The derivatives market lacks directional judgment and demand. Basis is at multi-month lows, put skew is high and continuing to rise, and open interest has been declining since October. During trading hours, fund flows favored selling activity, but an interesting signal emerged mid-week: high-net-worth individuals briefly showed interest in some altcoins, a small but noteworthy spark of confidence in the overall defensive market environment, but it quickly faded. The market experienced renewed volatility in the latter half of the week, with reduced willingness to enter the market, indicating that the market is not yet ready to reward early positions. Current trading activity remains primarily driven by risk aversion rather than strong confidence.