Wintermute: With liquidity calming at the end of the year, Bitcoin prices may continue to fluctuate within a range.

Wintermute's latest market update shows that as of December 23, the crypto market remained volatile. BTC briefly fell below $85,000 last week before gradually recovering to $90,000, while ETH fell below $3,000. Last week, the total market liquidation exceeded $2 billion, with leveraged funds being rapidly squeezed out. Bitcoin's dominance continued to rise, with mainstream cryptocurrencies BTC and ETH receiving more buying support, while altcoins performed poorly due to supply pressure and unlocking plans. Data shows that institutional funds have been flowing in continuously since the summer, and retail funds are gradually shifting from altcoins to mainstream coins. Despite the sharp short-term fluctuations, overall market liquidity is calming down, and market activity is expected to decrease during the year-end holidays, with prices likely to continue to fluctuate within a range. In the medium to long term, the continued entry of traditional financial institutions may provide stronger support for the market.