The broader cryptocurrency market remains under pressure as capital outflows extend over several months.

The decline has been evident across leading digital assets. Bitcoin [BTC] dropped from $126,000 to $67,000, while Ethereum [ETH] fell from roughly $4,980 to $1,990 at press time.

Several other altcoins have recorded similar drawdowns, erasing close to 30% of their prior gains and reinforcing the ongoing bearish structure.

Despite this weakness, macro liquidity conditions tell a different story.

Global liquidity climbs to record levels

Global M2, commonly used as a proxy for worldwide liquidity, continues to expand.

M2 measures the pool of relatively liquid money across major economies. It includes physical cash, checking…