Wintermute: The Federal Reserve's decision this week and the Bank of Japan's decision next week will determine the direction of the next trend in the market.

Foresight News reports that Wintermute stated in a post that recent price movements reflect a pause rather than a reversal. Market activity has concentrated on the most liquid segments, while narrowing basis and subdued funding rates highlight investors’ limited appetite for directional leverage before policy becomes clearer. This week’s Fed decision, along with next week’s Bank of Japan decision, will be key in determining year-end interest rate differentials and cross-asset volatility. In the absence of decisive macro surprises, cryptocurrencies may continue to trade within a range, with volatility driven more by liquidity and positioning than by fundamentals. The rise of neutral delta strategies and carry trades, especially outside mainstream tokens, indicates that the market is prioritizing capital efficiency while waiting for clearer signals, reinforcing consolidation as the prevailing trend.