Wintermute's perspective on the cryptocurrency market has been misinterpreted, according to Garrett Jin, an agent of the "1011 Insider Whale." Jin clarified on the X platform that Wintermute does not believe the traditional bull cycle in cryptocurrency has ended. Instead, the market is transitioning as institutional asset under management (AUM) increases, leading to rising asset prices and reduced volatility. Wintermute's actual stance is that top-tier cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) are evolving from speculative tools to configurable assets as institutional participation deepens. This shift marks a transition from a retail-driven, high-volatility market to one that is configuration-driven and institution-oriented, without signaling the end of the bull market.