Despite initial turbulence caused by AI market stagnation and the Federal Reserve’s rate adjustments, Wintermute reports a healthier digital asset market structure. Key cryptocurrencies are exhibiting stronger relative performance, with overall market sentiment now clear and excess leverage largely diminished. The total open interest in perpetual contracts has declined from approximately $230 billion at the beginning of October to around $135 billion today. This decrease is attributed to deleveraging of smaller assets and the withdrawal of systematic funds, leading market activity to gravitate towards the spot market where robust depth and liquidity have emerged during a quiet holiday week.