#打榜优质内容 The world is rising, but encryption is falling. What is the problem?

In short: liquidity. But it's not a lack of liquidity, rather it's a flow issue.
Global liquidity is clearly expanding. Central banks are intervening in relatively strong rather than weak positions, a situation that has only occurred a few times in the past, usually followed by a strong risk appetite warming mechanism. The problem is that the new liquidity has not flooded into the encryption market as it has in the past.
The supply of stablecoins has continued to gradually rise (growing by 50% since the beginning of the year, adding 100 billion USD), but since the summer, inflows into Bitcoin ETFs have stagnated, with their assets under management hovering around 150 billion USD. The once-booming encryption treasury DAT has fallen silent, and the trading volume of related concept stocks listed on exchanges like NASDAQ has significantly shrunk. Among the three major funding engines that drove the market in the first half of this year, only stablecoins are still functioning. ETF funds have peaked, DAT activities have dried up, and although overall liquidity remains abundant, the share flowing into the encryption market has clearly shrunk.
In other words, the faucet of funds has not been turned off; it has simply flowed elsewhere. The novelty of ETFs has faded, the allocation ratio has returned to normal, and retail funds have also flowed to other areas, shifting focus to the momentum of stocks, artificial intelligence, and prediction markets.
The stock market performance proves that the market environment remains strong, and liquidity has just not yet transmitted to the encryption market. Although the market is still digesting the 1011 liquidation, the overall structure is robust—leverage has been cleared, volatility is controlled, and the macro environment supports improvement. Bitcoin continues to play a market anchoring role with stable ETF fund inflows and a tightening exchange supply, while Ethereum and some L1 and L2 tokens have begun to show signs of relative strength.
Although more voices in the crypto social media are starting to attribute the weak prices to the four-year cycle theory, this concept is no longer applicable. In mature markets, the miner supply and halving mechanism that once drove the cycles have long since become ineffective; the core factor that truly determines price performance today is liquidity. The macro environment still provides strong support—interest rate cuts have begun, quantitative tightening has come to an end, and the stock market frequently probes new highs, but the crypto market is lagging behind, rooted in the failure of liquidity to flow in effectively. Compared to last year and the first half of this year, when the three major engines of fund inflows (ETFs, stablecoins, DeFi yield-generating assets) were active, currently only stablecoins are showing a healthy trend.
Closely monitoring ETF fund inflows and DAT activities will become key indicators, as both are likely to be the earliest signals of liquidity returning to the encryption market.