Post #2889

Wintermute's article points out that global liquidity is expanding - Central banks are cutting rates into relative strength, a historical sign of strong risk-on regimes ahead. But funds have not flowed into the Crypto market. Among the three major fund inflow engines that drove performance in the first half of this year: ✅ Stablecoins: Still growing strongly (+$100B YTD). ❌ ETF Inflows: Have stalled/plateaued since summer (BTC ETF AuM hovering around $150B). ❌ DAT Activity: Digital Asset Treasury corporate activity has dried up. Market Structure & Outlook Healthy Structure: Market leverage has been flushed, positioning is clean, and volatility is contained, making the structure solid. The Key Driver is Liquidity: The traditional four-year cycle based on halving/miner dynamics is no longer the main driver; liquidity is. The Signal: A renewed pickup in ETF inflows or DAT activity will be the key signal for capital returning to crypto and a potential catch-up leg to global risk assets.