[Wintermute: Growth in Cryptocurrency Market Liquidity Slows, Capital Inflows Stagnate] Cryptocurrency market maker Wintermute stated on the X platform that the current cryptocurrency market cycle is driven by liquidity, but capital inflows have stopped. Since early 2024, the total scale of stablecoins, ETFs, and digital asset treasuries has grown from $180 billion to $560 billion, but this growth momentum has significantly slowed. At this stage, capital is primarily rotating within the market rather than flowing in as new capital, which has led to a rapid decline in market rallies and a continued narrowing of market breadth. Wintermute pointed out that liquidity in the cryptocurrency sector will only return if any of the three major capital inflow channels—stablecoins, ETFs, or digital asset treasuries—reaccelerates. Until then, the cryptocurrency market will remain in a self-funded phase.