Wintermute: The current macro landscape does not resemble a long-term bear market
2025-11-18 09:06:53
On November 18, crypto market maker Wintermute wrote that the recent sell-off in the crypto market is more like a macro-driven sell-off than a structural rupture. Positions have been cleared, and the US-led pressure is largely clear, while the cyclical dynamics around the giant whale and year-end capital flows explain much of the market. Overall, global easing is still ongoing, the US quantitative tightening will end next month, stimulus channels are still active, liquidity is expected to improve in Quarter 1, and the overall environment remains positive. This macro pattern does not look like a long-term bear market. With macroeconomic factors driving the market, the next catalyst is more likely to come from policy and interest rate expectations rather than financial flows in the cryptocurrency sector. Once the major currency pairs regain momentum, the market is expected to achieve a broader recovery.
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