According to Wu, Wintermute released a research report on December 23 stating that despite the crypto market facing downward pressure at the beginning of last week, market sentiment has gradually stabilized, and the market structure has narrowed. Bitcoin's market dominance has further strengthened, while alts still show weakness and are significantly affected by supply pressure and unlocking plans. Overall, the market is experiencing severe fluctuations in the short term, but funds are beginning to concentrate on BTC and ETH. It is expected that the market will maintain range-bound fluctuations by the end of the year, lacking obvious macro or policy catalysts, and will be more influenced by Position adjustments.