Deep Tide TechFlow News, January 21, "" operator Garrett posted that the market misinterpreted Wintermute's research report. Wintermute's actual view is that top-tier cryptocurrencies like BTC and ETH are transitioning from speculative tools to configurable assets, rather than "the traditional bull market cycle has ended." With ETF and institutional capital inflows, the crypto market is experiencing a shift from speculation to allocation, from retail sentiment to institutional positioning, and from extreme volatility to institutional-level volatility. After the market crash in October 2025, retail funds flowed back into BTC and ETH as defensive assets, further confirming this trend. This shift signifies market maturity, not the end of a bull market.

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