Gate News reports that on March 10th, market maker Wintermute issued an analysis of the market conditions. Wintermute stated that macro factors are currently dominating everything, but last week cryptocurrencies showed resilience, while stocks, bonds, and even gold were declining. The high correlation between cryptocurrencies and stocks over the past few quarters has begun to show cracks. Wintermute believes the most likely explanation is that marginal sellers are diminishing, with the crypto market’s leverage around $60 billion, roughly half of its peak level. In contrast, speculative positions in gold have accumulated significantly. When all assets decline, the forced selling pressure that cryptocurrencies need to absorb is much lower. Wintermute pointed out that, from a 12-18 month cycle perspective, current prices are quite attractive. Although BTC buyers are willing to enter at levels from the current price down to $50,000, there is still room for further downside. However, most of the deleveraging phase seems to be over. Currently, cryptocurrencies are holding their ground and narrowing the performance gap with other risk assets. Whether this trend can continue once trading volume rebounds remains to be seen. Wintermute stated that next week’s FOMC (Federal Open Market Committee) meeting is a recent catalyst.
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