"1011 Insider Whale" Agent: Wintermute's Viewpoint Misinterpreted, Institutional Participation is Driving the Market from Speculation to Allocation

According to Odaily, Garrett Jin, the agent of "1011 Insider Whale," posted on X that Wintermute's view has been interpreted as "the traditional bull market cycle of cryptocurrencies has ended." Such an interpretation is very superficial; institutions have not ended the bull market, but have changed it. As institutional asset management scale increases, asset prices tend to rise while volatility decreases. BTC and ETH are undergoing a transition from speculative mechanisms to allocation mechanisms. Wintermute's actual view is that, with deeper institutional participation, top crypto assets led by BTC and ETH are evolving from speculative tools into allocatable assets. The current market changes do not mark the end of the bull market, but rather a shift from a "retail-driven, high-volatility, meme-dominated" phase to a "allocation-driven, institutionally positioned, institution-grade volatility" mechanism.