Wintermute: The cryptocurrency asset is either at a bottoming out stage or transitioning upwards, with significant emotional recovery.

November 11th. Wintermute issued a Cryptocurrency Market Brief indicating that the market sentiment has become better and the risk appetite has increased. Bitcoin (BTC) is still fluctuating within the range of $105,000 to $107,000, demonstrating resilience. Nevertheless, in order to drive the altcoin market and spread the momentum, BTC may need to get closer to its all-time high. In the short term, U.S. regulatory and political news will become new volatility drivers. This week, compared to last month, the market sentiment has significantly improved. As the dust from October's sell-off settles, investors are realigning their positions in selective risk assets. Trump's proposed "$2,000 tariff rebate" briefly lifted the risk sentiment, while the easing of the U.S. government shutdown and the weakening of macro data also provided support to the market. However, capital inflows remain limited, and cryptocurrency assets still remain the weakest-performing asset class. By segment, sectors such as DeFi, L2, AI, and DePIN have led the way in terms of gains, but the overall market breadth is still narrow, with only a few strong coins driving the major gains. Funds are still concentrated in mainstream coins, and the pursuit of altcoins lacks sustainability. Overall, the market structure is improving, and the recovery of sentiment is evident. Cryptocurrency assets may have entered a bottoming-out phase. If BTC can break through its previous high first, funds are expected to be redistributed, triggering a broader altcoin rebound.