Wintermute: Alts continue to perform poorly, Mainstream Token receives support from Spot buying but derivation dominates price discovery.

According to Mars Finance, Wintermute stated on the X platform that as the holidays approach, the market structure continues to narrow, and Bitcoin's dominance is rising. Due to oversupply and intensive token unlocking plans, altcoins continue to perform poorly. Internal liquidity data shows that there is buying pressure on mainstream tokens, with institutional funds being a consistent source of buying since summer, while retail investors are rotating back to mainstream tokens from altcoins. Although spot buyers provide a stable foundation for the market, price discovery still occurs through derivation, which results in a coexistence of net buying of mainstream tokens and sharp intraday declines triggered by leverage close positions. Moreover, Financial Institutions are steadily entering the encryption field, which is expected to provide support for mid-term prices. In the short term, the market will continue to fluctuate in a thin liquidity environment, with BTC and ETH continuing to act as the primary risk absorbers.