Wintermute's latest market update highlights a resilient phase in the cryptocurrency market, with capital focusing on Bitcoin (BTC) and Ethereum (ETH). BTC has stabilized around $92,000, contributing to a total market capitalization of approximately $3.25 trillion. Despite a sharp $4,000 drop last week due to a series of liquidations totaling $2 billion, the market quickly absorbed the selling pressure without further decline. The report notes a compression in futures basis and elevated year-end implied volatility, as investors await signals from the Federal Reserve's policy meeting. The market is currently favoring delta-neutral and carry strategies over speculative altcoin opportunities, maintaining a range-bound trading environment.