Wu said it has learned that Wintermute's latest market update indicates that the recent crypto market has been oscillating within a more resilient range, with capital flowing back into BTC and ETH. Both retail and institutional investors are showing a bullish bias but with low leverage allocations. BTC has returned to around $92,000, with a total market cap of about $3.25 trillion. Although last week saw a sharp drop of about $4,000 within an hour due to a series of liquidations—triggering approximately $2 billion in liquidations—the market quickly absorbed the selling pressure and did not continue downward. The spot-futures basis has compressed, and implied volatility towards year-end remains elevated. Capital is awaiting signals from the Federal Reserve’s interest rate meeting and macroeconomic clarity, leaning towards Delta-neutral and Carry strategies rather than chasing directional altcoin opportunities. Range-bound trading remains the main theme.