According to an article published on the X platform by Odaily Planet Daily, Wintermute stated that liquidity drives the crypto cycle, but funds have now stopped flowing in. Since the beginning of 2024, the total size of stablecoins, ETFs, and DAT has grown from $180 billion to $560 billion, but the growth momentum has slowed. Capital is rotating within the crypto market rather than new funds entering, leading to a rapid end to the rally and a continued narrowing of market breadth.