BlockBeats News, February 24 — Wintermute released a market report on social media stating that since the chain liquidations two weeks ago, BTC has repeatedly attempted to break above $70,000 but has failed. There have been no significant rebound attempts, and this fact is more convincing than the range-bound oscillation itself. Price movements are volatile, liquidity is thin, the range is narrowing, and there is a lack of directional conviction. ETH fell below $1900 this week, a level that is psychologically more significant than technically; the level ETH really needs to watch is around $1600. Although prices stabilized, institutional demand does not seem to have returned, which we previously observed clearly in the $85,000 to $95,000 price range. The derivatives market reflects a lack of directional views and trading willingness, with the basis at multi-month lows, high and rising put option skew, and open interest decreasing since October. On the trading desk, funds are leaning toward selling activity. However, an interesting signal appeared mid-week: high-net-worth investors briefly showed buying interest in some altcoins. In an overall defensive environment, this was a small but noteworthy spark of confidence, though it quickly dissipated. Moving into the second half of the week, the market fell back into volatility, and any willingness to enter the market has faded, indicating that the market is not yet ready to reward early positions. Marginal activity remains driven by protection rather than conviction.