Wintermute Warning: The Shanzhai Season is Over, Market Liquidity is Fully Returning to Bitcoin and Ethereum

Global top-tier crypto market makers Wintermute issued a clear warning in its latest market report: the anticipated surge in altcoins (the "Shanzhai Season") has ended. The report points out that market liquidity is thin at year-end, retail investors are withdrawing from altcoins, and funds are rotating back into core assets like Bitcoin and Ethereum. Meanwhile, massive token unlocks continue to suppress market risk appetite, leading altcoins into a state of "hopeless rally." Although traditional financial institutions are still entering to provide medium-term support, a market consensus is forming — Bitcoin must first regain strength, and only then can risk appetite spread to small-cap tokens. This structural shift may mark the beginning of a new paradigm where the crypto market transitions from retail speculation to institutional capital allocation dominance. Market alert sounded.