Wintermute has projected a quicker conclusion to the current bear market, with a potential recovery anticipated in the second half of 2026. The firm noted that the ongoing bear market, marked by altcoin performance and concentrated rebounds, is driven by macroeconomic conditions rather than structural collapses like FTX or Luna. This natural deleveraging process, without systemic contagion, suggests a faster recovery. Wintermute highlighted that the crypto infrastructure remains robust, with stablecoin adoption growing and institutional interest merely paused. As macroeconomic uncertainties decrease and the Federal Reserve's policy becomes clearer, capital and attention could swiftly return. Despite current weak market confidence, the absence of structural damage in the crypto ecosystem may lead to a clearer recovery pattern compared to past bear markets.