Wintermute: The current macroeconomic landscape does not resemble a long-term Bear Market.

[Wintermute: The current macro landscape does not resemble a long-term Bear Market] On November 18, crypto market maker Wintermute stated that the recent dumping in the crypto market appears to be driven by macro factors rather than a structural breakdown. Positions have been cleared, and the pressures led by the US are now largely understood, while the cyclical dynamics surrounding Whales and year-end capital flows explain much of the current market situation. Overall, global easing policies are still ongoing, the US quantitative tightening will end next month, stimulus channels remain active, and liquidity is expected to improve in the first quarter, creating a generally positive environment. This macro landscape does not resemble a long-term Bear Market. As macroeconomic factors drive the market, the next catalyst is more likely to come from policy and interest rate expectations rather than from capital flows in the crypto assets space. Once major currency pairs regain momentum, the market is likely to see a broader recovery.