Wintermute: Liquidity Drives Cryptocurrency Cycle, Now That Inflows Have Stopped
2025-11-06 10:59:27
"Liquidity drives the crypto cycle and inflows have stopped," Wintermute wrote on the X platform. "The stablecoin, ETF and digital asset pool has grown from $180 billion to $560 billion since the beginning of 2024, but growth has slowed. Funds are spinning internally rather than entering new markets, resulting in a rapid ebbing of the rally and a continued narrowing of market breadth. When any of these three inflow channels re-accelerate, liquidity will flow back into the digital asset space. Until then, cryptocurrencies will remain self-funded."
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