Wintermute: Market liquidity is expected to improve in Q1 2026, with future catalysts likely coming from policy and interest rate expectations rather than crypto intranet liquidity.

Wintermute Analysis: Last week's decline in the crypto market was mainly due to the repricing of expectations for a Fed rate cut, rather than fundamental issues. The macroeconomic environment remains supportive, and the market is expected to recover in Q1 next year, with the recovery requiring a rebound in mainstream assets.