Wintermute analysis states that BTC prices are fluctuating within the $64,000-$67,000 range, failing to break through $70,000, acting as a high-beta asset, with volatility similar to some blue-chip altcoins. ETH dropped below $1,900 this week, with a key level around $1,600. Cryptocurrency market: institutional demand has not recovered, derivatives basis is at multi-month lows, bearish skew is rising, open interest has decreased since October; capital flows are mainly selling, with high-net-worth individuals briefly buying some altcoins mid-week, but confidence quickly faded.