PANews reported on November 6th that Wintermute analyst Jasper De Maere wrote that liquidity in the crypto market is slowing, with a significant weakening of inflows into major channels such as stablecoins, ETFs, and digital asset treasuries (DATs), leading the market into a "self-financing" phase rather than an expansion cycle. Despite strong global liquidity, high SOFR rates are attracting funds to government bonds rather than crypto assets.

Data shows that since the beginning of 2024, the total size of DAT and ETFs has grown from $40 billion to $270 billion, and the issuance of stablecoins has doubled from $140 billion to $290 billion, but both have shown signs of stagnant growth.

Currently, market funds are mostly circulating internally, lacking the injection of new external funds, which leads to short-lived market movements and increased volatility. In the future, if stablecoin issuance, ETF creation, or DAT issuance becomes active again, it will signify a return of macro liquidity to the crypto market; otherwise, the market will continue to be in a state of internal fund circulation.