Wintermute: This week’s Federal Reserve decision and next week’s Bank of Japan decision will determine the direction of the next trend in the market.

Foresight News reported that Wintermute stated in a post that the recent price movements reflect a pause rather than a reversal. Market activity has been concentrated in the most liquid segments, while narrowing basis and subdued funding rates highlight investors' limited interest in directional leverage before policy clarity emerges. This week's decision by the Federal Reserve and next week's decision by the Bank of Japan will be key in determining year-end interest rate differentials and cross-asset volatility.

In the absence of decisive macro surprises, cryptocurrencies may continue to fluctuate within a range, with volatility driven more by liquidity and positioning rather than fundamentals. The rise of neutral delta strategies and arbitrage strategies, especially outside of major cryptocurrencies, indicates that the market is prioritizing capital efficiency while waiting for clearer signals, reinforcing consolidation as the prevailing market condition.