Wintermute: Markets consolidate within a range-bound but resilient pattern, with crypto activity narrowing to BTC and ETH.

Wintermute, writing on the X platform, stated that as broader macro risk tolerance normalizes, the market is consolidating within a volatile but more resilient range. Crypto activity is narrowing to BTC and ETH, with retail and institutional flows showing a positive skew and relatively low leverage. After two months dominated by macro uncertainty, the market is beginning to show greater tolerance for negative inputs. The market has entered a consolidation phase, with price action largely range-bound over the past two weeks. In the crypto space, this translates to a digestion period rather than a trend-forming one. BTC has rebounded to around $92,000, and the total market capitalization of crypto has rebounded to approximately $3.25 trillion. Last Friday, BTC experienced a sharp intraday drop of around $4,000, triggered by a chain of liquidations, resulting in approximately $2 billion being liquidated within a little over an hour. Weakening Nasdaq momentum is driving funds towards quality assets, triggering a rotation of funds to mainstream coins, with both BTC and ETH receiving inflows from retail and institutional investors. With the Federal Reserve's decision on Wednesday and the Bank of Japan's meeting next week looming, the market is awaiting macroeconomic clarity. The current basis compression suggests limited directional leverage exposure.