Wu said that Wintermute stated in its latest market report that current crypto market leverage has been clearly deleveraged. Strategy’s continued accumulation of Bitcoin has also eased earlier concerns about selling, but the marginal demand brought by major buyers such as ETFs and Strategy and other participants has weakened compared with the earlier stage. Wintermute believes that before there is a structural improvement in capital flows, the best-case scenario for the market may be to remain range-bound rather than to kick off a new uptrend cycle. It also noted that if U.S. PCE data weakens or tensions in the Middle East ease, the market may rebound, but it is more likely to be a trading rebound rather than confirmation of a bottom.