[Wintermute: The Crypto Market Liquidity Exhibits 'Cyclic Reuse' Characteristics] According to a report by Jinse Finance, digital asset market maker Wintermute has released its latest report, pointing out that the current cryptocurrency market is undergoing a deep consolidation phase, with its core driving factor being liquidity cyclic reuse. Market funds are significantly retreating from high-risk assets and increasingly concentrating on the two leading assets in the crypto space — Bitcoin and Ethereum. This strategic capital rotation, which began in late 2025, indicates that against the backdrop of heightened macroeconomic uncertainty, both institutional investors and seasoned retail investors have shifted to a 'selective risk-taking' strategy, prioritizing asset quality and liquidity as their primary considerations.