According to CoinMeta, Wu said that he learned that crypto market maker Wintermute stated in the latest market update that there were fluctuations in AI trading, and some high-leverage positions were forced to be closed due to additional margin requirements. However, the crypto market exhibited a certain level of resilience compared to the stock market. Its over-the-counter (OTC) trading data for the first half of 2026 shows that institutional customers accounted for a record 72% of spot OTC trading, and the notional trading volume of altcoin options increased by about 3.4 times compared to the second half of 2025. Wintermute believes that market liquidity is concentrating towards a few mainstream assets, and the pricing of altcoins is increasingly being dominated by the derivatives market.