The cryptocurrency market is navigating a liquidity-driven reset rather than a narrative-driven rally. Bitcoin (BTC), Ethereum (ETH) and major altcoins remain under pressure even as new exchange-traded fund (ETF) filings continue and selected inflow days appear on the tape.
Recent headlines highlight the divergence. ETF issuers are pressing ahead with new crypto products, including leveraged Bitcoin and Ether strategies and altcoin-linked funds. At the same time, investors have withdrawn billions from US-listed Bitcoin and Ether ETFs over the past several months, and many spot ETF buyers are sitting on average paper losses.
Price is reacting more to realized flows and liquidity conditions than to product announcements.
