Where’s the Liquidity Gone?: Crypto Daybook Americas
By Omkar Godbole (All times ET unless indicated otherwise)
Bitcoin (BTC) continues to chop around $103,000, struggling to extend Wednesday’s recovery from under $100,000 . The CoinDesk 20 Index is up 2% in 24 hours alongside 18% gains in ZEC, ICP and QNT.
The crypto market currently resembles a game of musical chairs: Liquidity is shifting from one token to another, without any new influx, in what Wintermute calls a “self-funded mode.”
New inflows have been slowing for months across all three channels through which capital enters the ecosystem: stablecoins, ETFs and digital asset treasuries (DATs), Wintermute said.
U.S.-listed spot ETFs, for example, registered cumulative outflows of over $1.5 billion in less than two…
