[Wintermute: Cryptocurrencies Sold Off as High-Risk Assets, Institutional Demand Yet to Return] According to Deep Tide TechFlow, on February 24, Wintermute's latest market report indicated that Bitcoin's price has been fluctuating within the $64K-$67K range, failing to break through the $70K resistance level. The current market is undergoing a macrostructural shift, with the Federal Reserve's influence waning, replaced by two structural forces: AI technological disruption and deglobalization. These factors have led to a decline in valuations for software growth stocks, while hard assets, commodities, and value stocks have performed strongly. In this environment, cryptocurrencies are being viewed as high-risk assets and are being sold off, with institutional demand yet to return. Market sentiment remains defensive. Analysts believe that whether this trend persists in the long term will become a key issue for the crypto market in 2026.