[Wintermute: Lack of Clear Directional Views and Trading Willingness in the Derivatives Market] Foresight News reports that Wintermute tweeted today, stating that since the liquidation chain reaction two weeks ago, Bitcoin has repeatedly attempted to break through the $70,000 level but has failed. More telling than the price range itself is the lack of rebound buying interest. Price movements have been highly volatile, market liquidity is scarce, and the price range has narrowed without a clear direction. This week, ETH briefly fell below $1,900, a level with more psychological than technical significance. For Ethereum, the key level to watch is around $1,600. Despite price stabilization, institutional demand does not appear to have recovered, which is in stark contrast to the strong institutional demand seen when Bitcoin was trading in the $85,000 to $95,000 range. In the derivatives market, there is a lack of clear directional views and trading willingness. The basis is at its lowest point in months, the skew of put options has risen and continues to climb, and open interest has been declining steadily since October.