[Wintermute: The Momentum of Capital Inflows into Stablecoins, ETFs, and DAT Has Weakened] According to a report by Jinse Finance, Wintermute recently published an article stating that liquidity determines every cycle of cryptocurrency. While adoption may drive long-term development, what truly impacts prices is capital flow. Over the past few months, the momentum of capital inflows has slowed. Whether it is stablecoins, ETFs, or Digital Asset Treasuries (DAT), the momentum of funds flowing into the cryptocurrency ecosystem has weakened, placing cryptocurrencies in a self-funding phase rather than an expansion phase.