Agent of "1011 Insider Whale": Windemute's views have been misinterpreted; institutional participation is driving the market from speculation to allocation.

Garrett Jin, an agent for "1011 Insider Whale," published an article on the X platform stating that Wintermute's viewpoint has been interpreted as "the traditional bull market cycle for cryptocurrencies has ended." This viewpoint is very commercial. Institutions have not ended the bull market, but rather changed it. As institutional asset management scale increases, asset prices tend to rise, while volatility decreases. BTC and ETH are undergoing a transition from a speculative mechanism to an allocation mechanism. Wintermute's actual view is that with the deepening of institutional participation, top crypto assets, led by BTC and ETH, are evolving from speculative tools into allocable assets. The current market changes are not the end of the bull market, but rather a shift from a "retail-driven, high-volatility, meme-dominated" phase to a "allocation-driven, institutionally positioned, institutional-level volatility" mechanism.