Wintermute: The cryptocurrency asset is either at a bottoming out stage or transitioning upwards, with significant emotional recovery.
BlockBeats News, November 11th. Wintermute released a Cryptocurrency Market Brief stating that market sentiment has improved and risk appetite has increased. Bitcoin (BTC) is still fluctuating in the $105,000–$107,000 range, showing resilience. However, to drive the altcoin market and spread the momentum, BTC may need to further approach its all-time high. In the short term, U.S. regulatory and political news will become new volatility drivers.
This week, the market sentiment has noticeably improved compared to last month. With the dust of October's sell-off settling, investors are realigning their positions in selective risk assets. Trump's proposed "$2,000 tariff rebate" briefly boosted risk sentiment, while the easing of the U.S. government shutdown and weakening macro data also supported the market. However, capital inflows remain limited, and cryptocurrency assets remain the weakest-performing asset class.
By segment, sectors such as DeFi, L2, AI, and DePIN have led the gains, but the overall market breadth remains narrow, with only a few strong coins driving the major gains. Funds are still concentrated in mainstream coins, and the pursuit of altcoins lacks sustainability.
Overall, the market structure is improving, and sentiment recovery is evident. Cryptocurrency assets may have entered a bottoming out phase. If BTC can break its previous high first, funds are expected to redistribute, triggering a broader altcoin rebound.
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