Wu said that Wintermute stated in its latest market report that the current crypto market leverage has been significantly deleveraged, and Strategy's continued accumulation of Bitcoin has also alleviated previous selling concerns, but the marginal demand from major buyers such as ETFs and Strategy has weakened compared to earlier stages. Wintermute believes that until there is a structural improvement in capital flows, the best case for the market may be to maintain range-bound fluctuations rather than starting a new upward cycle. It also pointed out that if U.S. PCE data weakens or tensions in the Middle East ease, the market could rebound, but it is more likely to be a trading rebound rather than a confirmation of a bottom.