According to Wintermute, the crypto market has entered a self-funded phase — money keeps circulating inside the ecosystem, but very little new capital is coming in. Inflows through stablecoins, ETFs, and digital treasuries have stalled, even though their total value has grown from $180 billion to $560 billion since the start of the year.
Analysts say that major investors now prefer U.S. government bonds, since short-term yields are above 5%, offering steady and risk-free returns.
As a result, liquidity isn’t reaching the crypto space. Capital is simply rotating within it — from BTC to ETH, then to altcoins, and back again.
