Cryptocurrency market maker Wintermute wrote that while the macro environment remains supportive, including interest rate cuts, the end of quantitative tightening, and near-highs in the stock market, cryptocurrencies continue to lag behind other asset classes.
Global liquidity is expanding, but money is not flowing into the cryptocurrency market. Of the three major inflow engines that drove performance in the first half of the year, only stablecoin supply continued to grow (up 50% during the year, adding $100 billion), while ETF inflows have stalled since the summer, BTC ETF assets under management are hovering around $150 billion, and digital asset trading (DAT) activity has dried up.
In terms of counterfeit products, the game sector fell 21% weekly, the second-layer network fell 19%, and the Meme coin fell 18%. Only the AI and DePIN sectors showed relative resistance.
Wintermute believes that the four-year cycle concept is no longer applicable to mature markets, and liquidity is a key driver of current performance. ETF inflows and DAT activity will be closely monitored, which will be important signals for liquidity to return to the cryptocurrency market.
Wintermute: Cryptocurrencies continue to underperform traditional assets, and the traditional four-year cycle concept has expired
2025-11-04 09:34:45
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