Wintermute has released a market update indicating a shift in capital from AI and growth sectors to cyclical and value sectors, with risk assets facing significant pressure. Bitcoin's short-term spot trading volume has decreased, with leveraged funds driving price fluctuations. Technically, Bitcoin finds some support near the 200-week moving average, while $70,000 remains a key resistance level. Wintermute suggests a recovery in the latter half of 2026 is possible, contingent on improvements in the macroeconomic environment and a return of market patience.