Analysis: De globalization and AI reshape the macro environment, leading to the sale of cryptocurrency assets as high beta growth assets According to the Wintermute market update report, the current macro environment is undergoing a dual drive of deglobalization and structural reshaping of artificial intelligence, leading to a slow adjustment phase in the market that is difficult to trade. Bitcoin has been consolidating in the range of $64000 to $67000, but has failed to stabilize at $70000 multiple times. The weak rebound reflects a lack of confidence in the market. Ethereum has fallen below the psychological barrier of $1900, with the next key support at $1600. The report points out that the Federal Reserve is no longer the sole driving force in the market, and the structural persistence of tariffs, real-time disruption of various industries by AI, and the coexistence of slowing growth and inflation stickiness have weakened the effectiveness of monetary policy tools. The market is pricing two major structural themes simultaneously: AI valuation reassessment - software moat being reassessed, growth multiples being compressed, and hardware capital expenditure intensity being questioned; De globalization - continuous fragmentation of supply chains, rising input costs, and geopolitical settlement risks have become permanent features of asset allocation. These two factors jointly impact the valuation premium of globally integrated and software leveraged growth enterprises. Funds are flowing from growth stocks to value sectors, with gold, commodities, industry, defense, and others performing better than technology. The cryptocurrency derivatives market shows a lack of directional demand, with funding rates at multi month lows, put option premiums continuing to rise, and open contracts continuing to decline since October. Institutional demand has not returned after the stable price of Bitcoin, and trading platforms are mainly focused on selling. The signal of high net worth clients selectively buying some altcoins that briefly appeared in the middle of the week quickly dissipated, and the market remained mainly defensive, not ready to reward early position building. The report suggests that the current narrative is integrating into a macro institutional shift, and cryptocurrency assets are being sold off as the highest beta growth assets. The sustainability of this transformation will be the most critical issue for the cryptocurrency market in 2026.