[Wintermute: Market Sentiment Improves, Policy and Political Factors May Trigger New Volatility]
Wintermute stated that after weeks of intense fluctuations, market sentiment has stabilized. Cryptocurrencies continue to underperform, but the October sell-off has passed. Certain sectors, such as DePIN, L2, and AI-related fields, have seen rebounds, indicating some willingness for market engagement, though breadth remains limited and narratives are unstable. Major tokens need to take the lead; currently, Bitcoin is priced at approximately $10,500, down 16% from its historical high, with rotation yet to be triggered. As the U.S. may reconsider regulatory policies, the next round of market volatility could be driven by policy and political factors.