Wintermute, one of crypto's largest market makers, published a report calling the current market a 𝗹𝗮𝘁𝗲-𝘀𝘁𝗮𝗴𝗲 𝗯𝗲𝗮𝗿 with capitulation underway but no confirmed bottom. 𝗕𝗧𝗖 𝗳𝗲𝗹𝗹 𝟱.𝟵% this week, briefly breaking below $60,000 and touching its 𝟮𝟬𝟬-𝘄𝗲𝗲𝗸 𝗺𝗼𝘃𝗶𝗻𝗴 𝗮𝘃𝗲𝗿𝗮𝗴𝗲. 𝗘𝗧𝗛 𝗱𝗿𝗼𝗽𝗽𝗲𝗱 𝟳.𝟵%, underperforming BTC. The selloff is driven by fading AI trade, Nasdaq weakness, a stronger dollar, and higher-for-longer rate expectations. 𝗛𝘂𝗽𝘇𝘆 𝘁𝗮𝗸𝗲: The most actionable insight is the permanent bid becoming conditional. If Strategy and other treasury companies slow BTC accumulation, the largest structural buy-side support weakens just as ETF investors are exiting. The 200-week MA is a make-or-break level — this is capitulation without confirmation. Watch ETF flows and treasury company buying for the bottom signal. For ETH, the 7.9% drop with underperformance vs BTC confirms the risk-off rotation. If BTC loses the 200-week MA, ETH downside accelerates. Track real-time signals & trade → https://hupzy.com/trending?utm_source=x&utm_medium=social&utm_campaign=agent_x_post&utm_content=1105(Hupzy (Spot On Chain))