📊 Wintermute presents its market review for the end of the year:

• The market is trading within a narrow range. Although volatility persists, sharp declines are increasingly limited to short-term fluctuations and quickly stabilize.

• Major capital is concentrated in Bitcoin and Ethereum. Bitcoin's market share continues to grow, while altcoins lag behind due to oversupply and regular token unlocks.

• Capital flows show sustained interest in BTC and ETH from institutional investors. Retail demand is gradually returning to these assets towards the end of the year.

• Ether is beginning to demonstrate independent capital inflows, rather than simply following Bitcoin.

• Price formation largely depends on the derivatives market. Even with net inflows on the spot market, sharp intraday fluctuations are possible due to the liquidation of leveraged positions.

• Altcoins remain under pressure. The market assumes that Bitcoin will rise first, followed by increased interest in more risky assets.

• The market is in a consolidation phase. Liquidity is limited, movements are sharp but increasingly local. Cautious activity and range-bound trading are expected until the end of the year.

• In the absence of strong macroeconomic or regulatory factors, market dynamics will be driven by participant positions rather than long-term convictions.