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The true crisis of liquidity in crypto: it's not about price, but liquidity is gradually drying up:



1. The fundamental driving force of the crypto market is not technology, but liquidity.
2. Stablecoins, ETFs, and DAT are currently the three most important sources of capital inflow into crypto assets.
3. The growth rate of these three capital inflows has significantly slowed after 2024.
4. The high-interest-rate environment makes funds more willing to buy government bonds rather than flow into the crypto market.
5. In the absence of external incremental capital, the current market is mainly a rotation of funds among internal players.
6. Only when any of these capital inflows re-accelerate can the crypto market potentially usher in the next real expansion.
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Iceiceicevip
· 11-10 00:21
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