Crypto market maker Wintermute's latest weekly report highlights Bitcoin as a defensive asset, noting its 3.5-point lead over Nasdaq suggests it's holding up better than macro trends. The firm points to an open liquidity crisis in the altcoin market, with funds concentrating in Bitcoin and Ethereum. Wintermute sets $82,500 as a key defense line for Bitcoin, while anticipating a volatility explosion driven by upcoming macro events like the October 28 FOMC meeting, US midterm elections, and earnings season. The report attributes market anxiety to accelerating US inflation (3.7%) and its spillover effects, which previously triggered a 5.52% Nasdaq crash and destabilized digital assets.