{"id":58411,"date":"2025-12-02T16:00:27","date_gmt":"2025-12-02T13:00:27","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=58411"},"modified":"2025-12-02T14:59:21","modified_gmt":"2025-12-02T11:59:21","slug":"wintermute-explains-the-reason-behind-the-crypto-sell-offs","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/wintermute-explains-the-reason-behind-the-crypto-sell-offs\/","title":{"rendered":"Wintermute Explains the Reason Behind the Crypto Sell-Offs!"},"content":{"rendered":"<p>As the crypto market has experienced sharp volatility in recent days, major market maker Wintermute published an eye-opening report analyzing the dynamics behind the recent moves. Analysts stated that signals of a potential rate hike from the Bank of Japan were the primary force shaking global markets, and although the downturn appears negative in the short term, it may have constructive long-term effects on market structure.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/wintermute-explains-the-reason-behind-the-crypto-sell-offs\/#Japans_Policy_Was_the_First_Trigger_for_Crypto\" title=\"Japan\u2019s Policy Was the First Trigger for Crypto\">Japan\u2019s Policy Was the First Trigger for Crypto<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/wintermute-explains-the-reason-behind-the-crypto-sell-offs\/#Why_Did_Gold_Go_Up\" title=\"Why Did Gold Go Up?\">Why Did Gold Go Up?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/coinengineer.net\/blog\/wintermute-explains-the-reason-behind-the-crypto-sell-offs\/#%E2%80%9CThe_Market_Is_Actually_Cleansing_Itself%E2%80%9D\" title=\"\u201cThe Market Is Actually Cleansing Itself\u201d\">\u201cThe Market Is Actually Cleansing Itself\u201d<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/coinengineer.net\/blog\/wintermute-explains-the-reason-behind-the-crypto-sell-offs\/#Risk_Still_Very_High_for_Altcoins\" title=\"Risk Still Very High for Altcoins\">Risk Still Very High for Altcoins<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/coinengineer.net\/blog\/wintermute-explains-the-reason-behind-the-crypto-sell-offs\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 data-start=\"633\" data-end=\"687\"><span class=\"ez-toc-section\" id=\"Japans_Policy_Was_the_First_Trigger_for_Crypto\"><\/span>Japan\u2019s Policy Was the First Trigger for Crypto<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"689\" data-end=\"880\">According to <strong>Wintermute<\/strong> analysts, the main trigger behind the sharp pullback in crypto markets was the strong signal from the Bank of Japan that it may raise interest rates in December. A potential rate hike directly impacts the long-standing yen carry trade, a mechanism in which investors borrow cheap yen and allocate capital to risky assets. With the threat of higher rates, this strategy began to unwind.<\/p>\n<p data-start=\"1111\" data-end=\"1235\">This development triggered rapid deleveraging across global markets, causing chain-reaction outflows from risk assets. Due to its high volatility, the crypto market was among the first to be affected. Analysts emphasized that Bitcoin and other digital assets declined not due to technical factors, but as a result of a macro-driven sell-off.<\/p>\n<p data-start=\"1111\" data-end=\"1235\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-58412 aligncenter\" src=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2025\/12\/wintermute-300x158.jpg\" alt=\"\" width=\"775\" height=\"408\" srcset=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2025\/12\/wintermute-300x158.jpg 300w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2025\/12\/wintermute-1024x538.jpg 1024w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2025\/12\/wintermute-768x403.jpg 768w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2025\/12\/wintermute.jpg 1200w\" sizes=\"auto, (max-width: 775px) 100vw, 775px\" \/><\/p>\n<h2 data-start=\"1559\" data-end=\"1585\"><span class=\"ez-toc-section\" id=\"Why_Did_Gold_Go_Up\"><\/span>Why Did Gold Go Up?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"1587\" data-end=\"1719\">Analysts also evaluated gold\u2019s strong recent performance, making an important comparison with Bitcoin in terms of risk perception. They noted that Bitcoin is sometimes referred to as \u201cdigital gold\u201d, and during calm market conditions, it behaves similarly. However, during periods of global uncertainty, interest rate shifts, and geopolitical risk, investors still turn to physical gold.<\/p>\n<p data-start=\"1989\" data-end=\"2004\">They explained:<\/p>\n<blockquote>\n<p data-start=\"2008\" data-end=\"2349\">\u201cBitcoin may act like digital gold in stable periods, but its fragility becomes clear in times of crisis. When investors seek a true safe haven, they still move toward physical gold. We saw this clearly during the recent decline. Gold remains the first stop in risk aversion; Bitcoin still shows a volatile profile under macro pressure.\u201d<\/p>\n<\/blockquote>\n<h2 data-start=\"2356\" data-end=\"2404\"><span class=\"ez-toc-section\" id=\"%E2%80%9CThe_Market_Is_Actually_Cleansing_Itself%E2%80%9D\"><\/span>\u201cThe Market Is Actually Cleansing Itself\u201d<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"2406\" data-end=\"2588\">One of the most notable sections of Wintermute\u2019s report focused on improvements in market structure. Forced liquidation of leveraged positions has had a healthy long-term impact:<\/p>\n<ul>\n<li data-start=\"2592\" data-end=\"2672\">Open interest in perpetual futures dropped from $230 billion to $135 billion<\/li>\n<li data-start=\"2675\" data-end=\"2736\">This means a significant reduction in forced liquidation risk<\/li>\n<li data-start=\"2739\" data-end=\"2795\">Excessive long positions have been wiped from the system<\/li>\n<\/ul>\n<p data-start=\"2797\" data-end=\"2814\">The report noted:<\/p>\n<blockquote>\n<p data-start=\"2818\" data-end=\"2989\">\u201cThe declines look bad, but the market has been cleansed of aggressive leverage. This cleanup enabled the technical conditions needed for a stronger bottom formation.\u201d<\/p>\n<\/blockquote>\n<h2 data-start=\"2996\" data-end=\"3036\"><span class=\"ez-toc-section\" id=\"Risk_Still_Very_High_for_Altcoins\"><\/span>Risk Still Very High for Altcoins<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"3038\" data-end=\"3178\">Wintermute analysts emphasized that the altcoin market remains weak and is more fragile against macro pressure. According to the assessment:<\/p>\n<ul>\n<li data-start=\"3182\" data-end=\"3215\">Altcoin rallies are short-lived<\/li>\n<li data-start=\"3218\" data-end=\"3278\">When Bitcoin falls, altcoins suffer much deeper losses<\/li>\n<li data-start=\"3281\" data-end=\"3340\">Liquidity still flows primarily into Bitcoin and Ethereum<\/li>\n<\/ul>\n<p data-start=\"3342\" data-end=\"3358\">Analysts stated:<\/p>\n<blockquote>\n<p data-start=\"3362\" data-end=\"3552\">\u201cEven if altcoins rise, they are quickly crushed by macro events. Investor psychology remains: \u2018Bitcoin and Ether recover first.\u2019 Therefore, risk levels in altcoins are still very high.\u201d<\/p>\n<\/blockquote>\n<h2 data-start=\"3559\" data-end=\"3576\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"3578\" data-end=\"3744\">Wintermute\u2019s analysis highlights that the recent downturn in the crypto market is not solely negative, but also shows key signs of structural strengthening. The reduction in leverage and the decline in open interest to healthier levels may lay the foundation for a more sustainable bottom, particularly for Bitcoin. However, the altcoin market remains highly risky, and investors continue to take a cautious stance.<\/p>\n<p class=\"darkmysite_style_txt_border darkmysite_processed\" data-start=\"3235\" data-end=\"3536\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\"><em class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">Also, you can freely share your thoughts and comments about the topic in the comment section. Additionally, please follow us on our\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/t.me\/coinengineernews\" target=\"_blank\" rel=\"noreferrer noopener\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">Telegram,\u00a0<\/a><a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/www.youtube.com\/@CoinEngineer\" target=\"_blank\" rel=\"noreferrer noopener\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">YouTube<\/a>\u00a0and\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/twitter.com\/coinengineers\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">Twitter<\/a>\u00a0channels for the latest news and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As the crypto market has experienced sharp volatility in recent days, major market maker Wintermute published an eye-opening report analyzing the dynamics behind the recent moves. Analysts stated that signals of a potential rate hike from the Bank of Japan were the primary force shaking global markets, and although the downturn appears negative in the<\/p>\n","protected":false},"author":37,"featured_media":48175,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,2],"tags":[61,393,840,336,58,3725],"class_list":["post-58411","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-news","tag-bitcoin","tag-crypto","tag-crypto-market","tag-cryptocurrencies","tag-cryptocurrency","tag-wintermute"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Wintermute Explains the Reason Behind the Crypto Sell-Offs! - Coin Engineer<\/title>\n<meta name=\"description\" content=\"As the crypto market in days, maker Wintermute published an eye-opening report analyzing the dynamics behind the recent moves.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/wintermute-explains-the-reason-behind-the-crypto-sell-offs\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wintermute Explains the Reason Behind the Crypto Sell-Offs! 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