The macroeconomic landscape is being reshaped by deglobalization and artificial intelligence, leading to a sell-off of high-beta crypto assets, according to a Wintertermute market update. Bitcoin is consolidating between $64,000 and $67,000, struggling to maintain levels above $70,000, while Ethereum has dropped below $1,900, with $1,600 as the next support level. The report highlights that the Federal Reserve's influence is waning amid structural changes, including tariffs and AI disruptions, which are challenging traditional monetary policy tools. The market is adjusting to two major themes: AI valuation reassessment and deglobalization. These factors are impacting the valuation of globally integrated, software-driven growth companies, with funds shifting from growth stocks to value sectors like gold and commodities. The crypto derivatives market reflects this uncertainty, with low funding rates, rising put option premiums, and declining open interest. Institutional demand remains weak, and the market is defensive, hesitant to reward early investments. The report suggests that the sustainability of this macroeconomic shift will be crucial for the crypto market in 2026.