**[Wintermute: The key level for ETH to watch is around $1600, institutional demand has yet to return]** BlockBeats News, February 24, Wintermute released a market report on social media stating that since the cascading liquidations two weeks ago, BTC has made multiple attempts to break above $70,000 but failed. The lack of a decent rebound attempt is more telling than the consolidation range itself. Price action remains choppy, 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 more psychologically significant than technically important. The key level for ETH to watch is around $1600. Although prices have stabilized, institutional demand appears to have yet to return, as was clearly observed in the previous $85,000 to $95,000 price range. The derivatives market reflects a lack of directional views and trading willingness, with basis at multi-month lows, bearish options skew elevated and continuing to rise, and open interest declining steadily since October. On the trading desk side, capital flows are skewed toward selling activity. However, an interesting signal emerged midweek: high-net-worth investors briefly showed buying interest in certain altcoins. In an overall defensive environment, this was a small but noteworthy spark of confidence, though it quickly faded. Heading into the latter half of the week, the market returned to consolidation, with any willingness to enter positions dissipating, indicating that the market is not yet ready to reward early positioning. Marginal activity remains driven by protection rather than conviction.