💠Following November’s decline, which pushed total market capitalization below $3 trillion, Wintermute analysts are now highlighting the first signs of consolidation. With macroeconomic pressure easing, upcoming trading sessions may set a calmer tone heading into December. Despite drawdowns in Bitcoin and Ethereum, several internal market metrics have begun to improve.
💠Negative funding rates, steady spot volumes, and declining derivatives open interest indicate an exit of speculative capital and a reduced risk of sharp liquidation cascades. Against this backdrop, selective market segments — from privacy-focused assets to DePIN networks — are showing isolated bursts of activity. Analysts believe that if the macro environment remains stable, the market is more likely to enter a phase of gradual recovery rather than a sharp reversal.