Wintermute Analyst: Crypto market liquidity is slowing down, with major inflow channels like stablecoins, ETFs, and DATs losing momentum Wintermute analyst Jasper De Maere shared an analysis stating that liquidity in the crypto market is slowing down. The driving force behind major inflow channels such as stablecoins, ETFs, and Digital Asset Treasuries (DATs) has significantly weakened, pushing the market into a 'self-funded' phase rather than an expansion cycle. Although global liquidity remains strong, high SOFR rates are attracting funds toward treasury bonds instead of crypto assets. Data shows that since early 2024, the total scale of DATs and ETFs has grown from $40 billion to $270 billion, while stablecoin issuance has doubled from $140 billion to $290 billion. However, signs of stagnation in growth have become apparent. Currently, market funds are circulating internally, with a lack of external capital injection. This has led to short-lived trends and increased volatility. In the future, if stablecoin issuance, ETF creation, or DAT issuance becomes active again, it will signal a reinjection of macro liquidity into the crypto market. Otherwise, the market will continue to operate in a state of internal capital circulation.