[Wintermute: Healthier Market Structure, Consolidation Conditions in Place] Wintermute stated that although digital assets have been impacted by the stagnation of AI-driven trends and adjustments to Federal Reserve expectations, the internal market structure is now healthier. Major cryptocurrencies are showing clearer relative strength, market sentiment has been cleared, and excess leverage has largely dissipated. The total open interest in perpetual contracts has dropped from approximately $230 billion at the beginning of October to around $135 billion, primarily due to deleveraging of long-tail assets and systemic capital outflows. Spot market depth and liquidity performed better than expected during the holiday week, with leverage reduction and spot-dominated capital flows making the recovery more orderly. If the macroeconomic environment remains stable, the market may gain more breathing room. The next few days will set the tone for entering the final month of the year.