Wintermute Data Suggests Crypto’s Liquidity Engine Is Losing Speed
After more than a year of relentless capital inflows, the once-surging tide of crypto liquidity is finally beginning to calm.
New research from Wintermute shows that the total value locked in stablecoins, exchange-traded funds, and digital asset trusts has ballooned from roughly $180 billion in 2024 to about $560 billion by November 2025 – a staggering threefold jump. Yet the latest data hints that this explosive expansion may be hitting a plateau.
Throughout late 2024 and the first half of 2025, capital poured into the sector as institutions embraced onchain assets and fresh ETF offerings. Stablecoins such as USDT, USDC, and PayPal’s PYUSD anchored trading activity, while spot Bitcoin and Ethereum ETFs injected…
