Welcome to this week's global tracking👀 The inverse flywheel appears to have pushed the crypto market into a bear market cycle. 🧐T-bills finance has become less profitable than it was a few months ago. As a result, many hedge funds and asset managers began liquidating positions and withdrawing cash; the "reverse flywheel" was initiated. 🧐Until T-bills financing falls to a "reasonable size" acceptable to banks, it will be difficult to provide effective support for risk asset prices, whether onshore or offshore. 🧐Despite the Federal Reserve's impending balance sheet expansion, liquidity support will still be primarily directed towards the stock market, while the liquidity expected for the non-BTC crypto market in the future will be relatively limited. Read more👉https://blofin.com/academy/flow-insights/whale-s-tracking-reverse(BloFin Research)