Wintermute: This round of Bitcoin sell-off is driven by macroeconomic factors; global easing policies will support market recovery.

According to Foresight News , Wintertermute published an article stating that this round of Bitcoin selling appears to be more of a macro-driven clearing of funds than a structural collapse. Positions have been liquidated, the pressure led by the US is now fully recognized, and the cyclical dynamics surrounding whale(large holders) and year-end fund flows largely explain this market movement.

Overall, the global environment remains positive, driven by factors such as continued global easing policies, the end of the US quantitative easing (QT) program next month, continued active stimulus channels, and the likelihood of improved liquidity in the first quarter. What's currently lacking is confirmation of the trend for major cryptocurrencies. Until Bitcoin (BTC) returns to the top of its price range, market breadth may continue to narrow, and various market narratives will be unsustainable. This macroeconomic landscape does not conform to the characteristics of a long-term bear market. With macroeconomic factors dominating the market, the next trigger is more likely to come from policy and interest rate expectations than from native cryptocurrency fund flows. Once major cryptocurrencies regain upward momentum, the market is expected to see a broader recovery.