Wintermute：四年周期逻辑已失效，市场真正驱动力在于流动性
11월 5, 2025 12:59:55
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ChainCatcher 消息，Wintermute 在最新市场报告中表示，尽管全球流动性持续扩张、主要央行相继降息并结束量化紧缩，股市仍处高位运行，但增量资金并未流入加密市场，而是更多流向股票、AI 与预测市场等领域，仅稳定币供应保持增长。
报告指出，传统的“四年周期”理论已不再适用于当前市场格局，如今价格走势的核心驱动力是宏观流动性。Wintermute 认为，目前市场结构依旧稳健，杠杆风险已充分出清，波动性相对可控，但加密市场的真正复苏仍有赖于 ETF 与 DAT（代币化资产交易）资金流入的重新启动。
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