Wintermute analysts: Crypto market liquidity is slowing, with a significant weakening of momentum for inflows into major channels such as stablecoins, ETFs, and DAT.

Wintermute analyst Jasper De Maere wrote that liquidity in the crypto market is slowing, with a significant weakening of momentum for major funding channels such as stablecoins, ETFs, and digital asset treasuries (DATs), leading the market into a "self-financing" phase rather than an expansion cycle. Although global liquidity remains strong, high SOFR rates are attracting funds to government bonds rather than crypto assets. Data shows that since the beginning of 2024, the total size of DATs and ETFs has grown from $40 billion to $270 billion, and stablecoin issuance has more than doubled from $140 billion to $290 billion, but both have shown signs of stagnant growth. Currently, market funds are circulating more internally, lacking new external funding, leading to short-lived rallies and increased volatility. In the future, if stablecoin issuance, ETF creation, or DAT issuance becomes active again, it will signal a renewed injection of macro liquidity.