on November 18, crypto market maker Wintermute stated that the recent sell-off in the crypto market resembles a sell-off driven by macro factors rather than a structural breakdown. Positions have been cleared, the US-led pressure is basically clear, and the cyclical dynamics around whales and year-end capital flows explain most of the reasons for this market movement. Overall, global easing policies are still ongoing, US quantitative tightening will end next month, stimulus channels remain active, liquidity is expected to improve in the first quarter, and the overall environment remains positive. This macro pattern does not look like a long-term bear market. Since the market is driven by macroeconomic factors, the next catalyst is more likely to come from policy and interest rate expectations rather than capital flows in the cryptocurrency sector. Once the major currency pairs regain momentum, the market is expected to achieve a broader recovery.